RismadarVoice Reporters, February 26, 2026
Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, on Thursday arraigned one Isaac Saviour Emmanuel before Justice H.A. Nganjiwa of the Federal High Court sitting in Warri, Delta State, over an alleged contract fraud involving N157 million and $4,000.
Emmanuel was docked on a seven-count charge bordering on alleged conversion of funds and contract scam.
According to the EFCC, the defendant between June 2023 and May 2024 allegedly converted an aggregate sum of N157,000,000, part of which was paid into his First City Monument Bank account by Nathaniel Russel Okpenyi, Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd.
The funds were purportedly paid for the award of contracts.
The anti-graft agency alleged that the defendant knew or reasonably ought to have known that the money constituted proceeds of unlawful activities, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges stated that Emmanuel directly converted the said sum for personal use, while another alleged that he utilized the funds under the pretext of facilitating contract awards.
The defendant pleaded “not guilty” to all the charges when they were 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 Centre. Defence counsel, F.E. Tobuye, did not present a formal bail application.
Justice Nganjiwa subsequently ordered that Emmanuel be remanded in a Correctional Centre pending the filing of a formal bail application and adjourned the matter to May 19, 2026 for hearing of the bail application.
EFCC investigations revealed that Emmanuel was arrested following a petition accusing him of contract scam, obtaining by false pretence, and conversion of funds. The petitioner alleged that the defendant claimed he could secure contracts from various agencies and, based on that assurance, collected substantial sums of money.
Investigators said the defendant allegedly issued letters of contract awards to the petitioner, which were later discovered to be fake. The alleged fraudulent transactions, which reportedly spanned between June 2023 and May 2025, resulted in a total loss of N157 million and $4,000 to the petitioner.
Efforts to recover the funds were said to have been unsuccessful, prompting the petition to the EFCC.
The case continues on May 19, 2026.
