The Economic and Financial Crimes Commission (EFCC) has arraigned businessman Ufoma Joseph before an Ikeja Special Offences Court over an alleged $1.5 million petroleum investment fraud.
Joseph was charged alongside his company, Intermediate Investment Holdings Ltd., on a two-count charge bordering on obtaining money by false pretences and forgery. The anti-graft agency alleged that the offences involved about $1.5 million, equivalent to roughly ₦2.9 billion.
According to EFCC prosecutor Babatunde Sonoiki, the defendants allegedly obtained the funds from Adebisi Adebutu of R28 Holdings Ltd. between April 2022 and October 2023. The businessman was said to have presented the deal as an investment opportunity in a petroleum development project.
The prosecution told the court that Joseph promised the investor reimbursement, development capital fees and shares in his company as part of the proposed venture. However, the EFCC alleged that the “Term Sheet” used to seal the agreement was a forged document.
During the proceedings, the defendants pleaded not guilty to the charges. The case, however, took a dramatic turn when the prosecutor accused the defence counsel, Oluseun Awonuga, of physically assaulting an EFCC staff member during a previous court session at the staircase of the court premises.
Awonuga did not address the allegation but instead raised a preliminary objection. He argued that a previous ruling by the Federal High Court had directed the EFCC not to arrest his client and urged the court to disregard the commission’s counter-affidavit.
Responding, the prosecutor maintained that the earlier ruling related to a civil matter and does not prevent criminal proceedings. He argued that civil and criminal cases can run concurrently under the law.
After listening to both sides, Justice Mojisola Dada ordered that Joseph be remanded in Interpol custody pending the completion of investigations. The court said the defendant would be transferred to a correctional centre once investigations are concluded and before the hearing of his bail application.
The case has been adjourned until May 7, 2026, when the court will deliver its ruling on the preliminary objection.
