Reported by: Ijeoma G | Edited by: Pierre Antoine
The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission has arraigned one Isaac Saviour Emmanuel before the Federal High Court sitting in Warri, Delta State, over allegations of contract fraud and money laundering involving N157 million and $4,000.
Emmanuel was brought before Justice H. A. Nganjiwa on Wednesday, February 25, 2026, on a seven-count charge bordering on conversion of funds and obtaining money under false pretence. The prosecution alleges that the defendant fraudulently collected large sums from a petitioner under the guise of facilitating the award of contracts from government agencies.
According to court documents, the defendant is accused of directly converting an aggregate sum of N157,000,000.00, part of which was allegedly paid into his First City Monument Bank account, number 6881941020, between June 2023 and May 2024. The funds were said to have been transferred at various times by Nathaniel Russel Okpenyi, Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd, who believed the payments were tied to legitimate contract awards.
Count one of the charge states that Emmanuel’s actions constitute an offence contrary to Section 18(1) and (2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act. Another count alleges that he used the same aggregate sum, which he allegedly knew or reasonably ought to have known was derived from unlawful activity, thereby contravening Section 18(1) and (2)(d) of the Act.
When the charges were read in open court, Emmanuel pleaded not guilty to all seven counts.
Following his plea, prosecution counsel M. Abubakar requested that the matter be set down for trial and urged the court to remand the defendant in the custody of the Nigerian Correctional Service pending further proceedings. Defence counsel F. E. Tobuye did not present a formal application for bail at that stage.
Justice Nganjiwa subsequently ordered that the defendant be remanded in a correctional centre pending the filing and hearing of a formal bail application. The court adjourned the matter to May 19, 2026, for hearing of the bail application.
According to the EFCC’s account of events leading to the arraignment, Emmanuel’s arrest followed a petition alleging contract scam, obtaining by false pretence, and conversion of funds. Investigators reportedly found that the defendant persuaded the petitioner that he had the capacity and connections to secure lucrative contracts from various government agencies.
On the strength of these assurances, the petitioner allegedly transferred substantial sums of money to the defendant over a period spanning June 2023 to May 2025. The total financial exposure was said to amount to N157 million and $4,000. In return, Emmanuel allegedly issued letters purportedly confirming the award of contracts. Subsequent verification reportedly revealed that the documents were fake.
The EFCC contends that efforts by the petitioner to recover the funds proved unsuccessful, prompting the formal complaint that triggered investigation and eventual prosecution.
The case adds to a growing number of contract-related fraud prosecutions pursued by the anti-graft agency, particularly those involving claims of access to government procurement opportunities. Such schemes typically involve suspects representing themselves as intermediaries with influence in public institutions, convincing victims to part with funds in anticipation of contract awards that never materialize.
Legal analysts note that under the Money Laundering (Prevention and Prohibition) Act, 2022, the prosecution must establish that the accused directly or indirectly converted or transferred funds derived from unlawful activity and that he knew or reasonably ought to have known the illicit origin of such funds. A conviction under the relevant sections carries significant custodial penalties and potential forfeiture orders.
For now, the defendant remains in custody pending the scheduled bail hearing in May. The outcome of the bail application will determine whether he will continue to stand trial from detention or under conditional release.
As proceedings continue, the court is expected to examine documentary evidence, banking records, and witness testimony relating to the alleged transfers, the authenticity of the purported contract award letters, and the sequence of financial transactions central to the prosecution’s case.
The matter remains before the Federal High Court in Warri, where further hearings will determine the trajectory of the trial.
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