LAGOS, Nigeria – The Economic and Financial Crimes Commission (EFCC) on Wednesday hauled businessman Ufoma Joseph and his company, Intermediate Investment Holdings Ltd, before an Ikeja Special Offences Court over an alleged $1.5 million petroleum investment scam.
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| Ufoma Joseph |
Appearing before Justice Mojisola Dada, the defendants pleaded not guilty to a two-count charge involving obtaining money by false pretence and forgery.
According to the charge sheet, Joseph allegedly defrauded Adebisi Adebutu of R28 Holdings Ltd of $1.5 million between April 2022 and October 2023.
The prosecution claimed the funds were pitched as an investment in a proposed petroleum development project.
Joseph allegedly promised the complainant reimbursements, development capital fees, and equity shares in Intermediate Investment Holdings Ltd.
Furthermore, the EFCC accused Joseph of forging a Term Sheet document, purportedly executed by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the deal.
The alleged offences contravene the Advance Fee Fraud and Other Fraud Related Offences Act (2006) and the Criminal Laws of Lagos State (2015).
The proceedings took a sharp turn when EFCC Counsel, Mr Babatunde Sonoiki, informed the court of a physical altercation that allegedly occurred on the previous adjourned date, March 2.
Sonoiki alleged that the Defence Counsel, Mr Oluseun Awonuga (SAN), physically assaulted an EFCC operative, Mr Emenike Mgbemele, on the court premises.
"My lord, the learned silk, physically assaulted my colleague at the staircase while he was on his way to serve the defendant as directed by the court.
“It is very sad, a Senior Advocate for that matter. There is a video to that effect, and we intend to tender it,” Sonoiki stated.
The defence counsel, Mr Awonuga, did not offer a direct response to the assault allegation in open court.
Awonuga urged the court to strike out the EFCC’s counter-affidavit, citing a Federal High Court ruling that purportedly restrained the EFCC from arresting the defendant.
He argued that the anti-graft agency had flouted a subsisting court order.
In a swift rebuttal, Sonoiki argued that the ruling cited by the defence stemmed from a civil matter and did not grant immunity from criminal prosecution.
“The Supreme Court has established that criminal and civil cases can proceed concurrently,” Sonoiki noted, urging the court for an accelerated hearing.
Justice Mojisola Dada ordered that Ufoma Joseph be remanded in the custody of Interpol pending the conclusion of their ongoing investigations.
Afterwards, he is to be transferred to a Correctional Centre pending the hearing of his bail application.
The case was adjourned until May 7, 2026, for a ruling on the preliminary objections.
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