A man, Isaac Saviour Emmanuel, was on Wednesday arraigned by the Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, before Justice H.A Nganjiwa of the Federal High Court sitting in Warri, Delta State, over an alleged N157 million and $4000 contract fraud.
The arraignment was on a seven-count charge bordering on conversion of funds and contract scam.
Count one of the charges had read: “That you Saviour Emmanuel Isaac on or about the month of June 2023 and May, 2024 within the jurisdiction of this Honorable court did directly convert aggregate sum of about N157,000,000.00 (One Hundred and Fifty Seven Million Naira) part of which were paid into your First City Monument Bank Account Number 6881941020, Isaac Saviour Emmanuel, at various times by Nathaniel Russel Okpenyi, the Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd which sum you purported to be for the award of contracts and thereby committed an offence contrary to Section 18(1) & (2)(b) of the Money Laundering (Prevention and Prohibition )Act, 2022 and punishable under Section 18(3) of the same Act.”
Another count read: “That you Saviour Emmanuel Isaac on or about the months of June 2023 and May, 2024 within the jurisdiction of this Honorable court did directly use an aggregate sum of about N157,000,000.00 (One Hundred and Fifty Seven Million Naira) part of which were paid into your First City Monument Bank Account No. 6881941020, Isaac Saviour Emmanuel, at various times by Nathaniel Russel Okpenyi, the Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd which you professed to be for the award of contracts which sum you knew or reasonably ought to have known is proceeds of your unlawful act and thereby committed an offence contrary to Section 18(1) & (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.”
When the charges were read to him, the defendant pleaded not guilty, and in view of the plea, the prosecution counsel, M. Abubakar, applied for a trial date and prayed the court to remand the defendant in the Custodial Centre.
However, counsel to the defendant, F.E. Tobuye, did not present a formal application for bail before the court.
Justice H.A Nganjiwa subsequently ordered that the defendant be remanded in a Correctional Centre, pending a formal bail application.
The case was adjourned till May 19, 2026, for hearing of bail application.
Thenewsbearer learnt that Emmanuel was reported to the EFCC by a petitioner who accused him of contract scam, obtaining by false pretence and conversion of funds.
He allegedly persuaded the petitioner that he was capable of assisting him secure contracts from different agencies, and based on the assurance, the petitioner parted with a huge sum of money while the defendant handed him some letters of award of contracts which were later discovered to be fake.
The purported business deal spanned between June 2023 and May 2025 and reportedly caused the petitioner to lose a total sum of N157m and $4,000, while efforts to recover the money proved abortive.
