IKEJA: The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned businessman Ufoma Joseph and his company, Intermediate Investment Holdings Ltd., before an Ikeja Special Offences Court over an alleged $1.5 million (about N2.9 billion) oil investment fraud.
Joseph and the firm were charged on a two-count accusation of obtaining by false pretence and forgery.
EFCC prosecutor Babatunde Sonoiki told the court that the defendants allegedly obtained the money from the complainant, Adebisi Adebutu of R28 Holdings Ltd., between April 2022 and October 2023, under false pretences, promising reimbursement, payment of development capital fees, and allocation of shares in Intermediate Investment Holdings Ltd.
The prosecution further alleged that Joseph forged a document titled “Term Sheet,” purportedly executed by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the transaction, which contravenes Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 363 of the Criminal Laws of Lagos State, 2015.
The defendants pleaded not guilty.
Sonoiki requested the court fix a trial date and urged that Joseph be remanded with Interpol pending the conclusion of investigations.
He also alleged that on March 2, defence counsel Oluseun Awonuga (SAN) physically assaulted a colleague, Emenike Mgbemele, at the court staircase, adding that a video exists and would be tendered in court.
Awonuga did not respond to the allegation but later filed a preliminary objection urging the court to discountenance the prosecution’s counter-affidavit, citing a Federal High Court ruling that allegedly prohibited Joseph’s arrest. Sonoiki countered that the ruling related to a civil case that had been withdrawn and should not affect the criminal proceedings.
Justice Mojisola Dada adjourned the case until May 7 for ruling and ordered that Joseph be remanded with Interpol pending the conclusion of investigations, after which he would be transferred to a correctional centre pending the hearing of his bail application.
