EFCC arraigns man over alleged N157m fraud
According to the EFCC, the defendant allegedly converted an aggregate sum of about ₦157,000,000, part of which was paid into his First City Monument Bank account by Nathaniel Russell Okpenyi, Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd. The funds were purportedly for the award of contracts.
The charge states that the alleged offences contravene Section 18(1) and (2)(b) and (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.
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*EFCC operatives
Nkereuwem Effiong
The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, has arraigned Isaac Saviour Emmanuel over an alleged ₦157 million and $4,000 contract fraud.
Emmanuel was brought before H. A. Nganjiwa of the Federal High Court, sitting in Warri, Delta State, on Wednesday, 25 February 2026. He faces seven counts bordering on conversion of funds and obtaining money under false pretences.
According to the EFCC, the defendant allegedly converted an aggregate sum of about ₦157,000,000, part of which was paid into his First City Monument Bank account by Nathaniel Russell Okpenyi, Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd. The funds were purportedly for the award of contracts.
The charge states that the alleged offences contravene Section 18(1) and (2)(b) and (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.
Emmanuel pleaded not guilty to all counts read to him.
Following his plea, prosecution counsel, M. Abubakar, applied for a trial date and urged the court to remand the defendant in a correctional facility. Defence counsel, F. E. Tobuye, did not file a formal bail application.
Justice Nganjiwa ordered that the defendant be remanded in a correctional centre pending the filing and hearing of a formal bail application. The matter was adjourned until 19 May 2026 for the hearing of the bail application.
The EFCC said the case arose from a petition alleging contract fraud, obtaining money by false pretences and conversion of funds. Investigations reportedly revealed that Emmanuel allegedly convinced the petitioner that he could facilitate the award of contracts from various agencies.
In a statement on Thursday, the EFCC’s Head of Media and Publicity, Dele Oyewale, said the petitioner parted with substantial sums based on the assurances and was issued letters of contract award, which were later discovered to be fake.
The alleged fraudulent transactions reportedly took place between June 2023 and May 2025, resulting in a total loss of ₦157 million and $4,000. Efforts to recover the funds were unsuccessful.
