Nigerian businessman charged over $1.5m oil investment fraud and forgery claims

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ufoma Joseph, and his company, Intermediate Investment Holdings Limited, before the Lagos Special Offences Court in Ikeja. The defendants face a two-count charge relating to an alleged $1.5 million oil investment fraud.

The arraignment, which took place before Justice Mojisola Dada, centres on accusations of obtaining money by false pretence and forgery. According to the prosecution, the alleged offences occurred between April 2022 and October 2023.

Background and Context

The case highlights ongoing concerns regarding investment fraud in Nigeria's petroleum sector. The EFCC alleges that the defendants obtained $1.5 million from Adebisi Adebutu of R28 Holdings Limited under the guise of funding a petroleum development project. Prosecutors claim the funds were secured with false assurances regarding reimbursement, the payment of development capital fees, and the allocation of shares.

According to the charge sheet, the transaction was facilitated by a document titled “Term Sheet,” which the prosecution claims was forged. The document was purportedly executed by Sherrif Oluwo and Olaniran Osotuyi. The alleged actions contravene Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Section 363 of the Criminal Laws of Lagos State, 2015.

Key Figures and Entities

The primary defendant, Ufoma Joseph, pleaded not guilty to the charges alongside his company. The complainant, Adebisi Adebutu, is listed as the victim of the alleged scheme. The legal teams involved include EFCC counsel Mr. Babatunde Sonoiki and defence counsel Mr. Oluseun Awonuga (SAN).

Proceedings were marked by a significant altercation allegation involving legal representatives. The prosecution informed the court of an incident on March 2, 2026, in which Mr. Sonoiki alleged that Mr. Awonuga physically assaulted his colleague, Mr. Emenike Mgbemele, while the latter was attempting to serve court documents. The prosecution stated they possess video evidence of the alleged incident. The defence counsel did not respond to this allegation in court.

Legal and Financial Mechanisms

The defence has filed a notice of preliminary objection dated January 5, 2026, arguing that the EFCC violated an existing order. Awonuga (SAN) cited a ruling from a Federal High Court directing the agency not to arrest the defendant, urging the court to disregard the prosecution's counter-affidavit.

In response, the EFCC counsel argued that the ruling cited by the defence pertained to a motion that had previously been withdrawn. In a 21-paragraph counter-affidavit dated February 9, 2026, the prosecutor urged the court to dismiss the preliminary objection, maintaining that the Federal High Court ruling did not preclude arraignment before a court of competent jurisdiction. Following the pleas, the prosecution requested that the defendant be remanded with the Interpol office pending the conclusion of ongoing investigations.

International Implications and Policy Response

The prosecution's request to remand the defendant with Interpol suggests that the investigation may have cross-border dimensions, potentially involving international law enforcement cooperation mechanisms. The case also illustrates the frequent jurisdictional disputes between different tiers of the Nigerian judiciary—specifically between the Federal High Court and State High Courts—regarding the enforcement powers of anti-corruption agencies.

Sources

This report draws on court filings from the Lagos State Judiciary, charges presented by the Economic and Financial Crimes Commission, and the International Criminal Police Organization protocols referenced in the proceedings.