EFCC charges businessman over alleged N2.9 billion fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday charged a businessman, Ufoma Joseph, for alleged N2.9 billion fraud at the Lagos Special Offenses Court, Ikeja.

The defendant was charged along with his company, Intermediate Investment Holdings Ltd., with two counts of obtaining by false pretenses and forgery.

EFCC lawyer, Mr Babatunde Sonoiki, told the court that the defendants allegedly obtained $1.5 million under false pretenses from the complainant, Adebisi Adebutu of R28 Holdings Limited, between April 2022 and October 2023.

He said the money was paid as an investment in a proposed petroleum development project, with a guarantee of reimbursement, payment of development capital costs, and allocation of shares in Intermediate Investment Holdings Limited.

The Commission also accused Joseph of forging a document entitled: “Term Sheet,” purportedly drawn up by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the transaction.

READ ALSO: EFCC arrests 15 people for selling solid minerals in Kaduna

The prosecution alleged that the offenses were contrary to Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offenses Act, 2006, and Section 363 of the Lagos State Criminal Law, 2015.

However, the defendants pleaded not guilty to the charges.

Sonoiki asked the court to set a trial date and urged that Joseph be returned to Interpol pending the conclusion of the investigation.

According to him, the defendants appeared in court to be arraigned and will be returned to the appropriate correctional institutions after Interpol completes its investigation.

The prosecutor also told the court about the incident which allegedly occurred on March 2, the date of the last adjournment.

He accused the defense attorney, Mr Oluseun Awonuga (SAN), of physically assaulting his colleague, Mr Emenike Mgbemele.

“My lord, the learned silk physically assaulted my colleague on the stairs on his way to serve the accused as directed by the court.

“It’s very sad, a senior advocate in this matter.

“There is a video, and we intend to submit it to court,” said Sonoiki.