The Economic and Financial Crimes Commission has arraigned a man, Isaac Saviour Emmanuel, before a Federal High Court in Warri, Delta State, for an alleged N157 million and $4,000 (about N6.4 million at current rates) contract fraud.
Emmanuel was docked on Wednesday, February 25, 2026, on a seven-count charge bordering on money laundering and obtaining money by false pretence.
The anti-graft agency accused him of converting funds he allegedly received from Nathaniel Russel Okpenyi, Managing Director of Ursyfin Integrated Services Ltd, under the guise of securing contracts from various agencies.
Court documents revealed that between June 2023 and May 2024, Emmanuel allegedly persuaded the complainant that he could facilitate lucrative contracts. In return, Okpenyi reportedly transferred a total of N157 million and $4,000 into Emmanuel’s First City Monument Bank account (No. 6881941020).
The EFCC said the defendant issued fake award letters for the supposed contracts, which later turned out to be fraudulent, leaving the petitioner unable to recover the funds despite repeated demands.
When the charges were read to him, Emmanuel pleaded not guilty.
Prosecuting counsel, M. Abubakar, urged the court to remand the defendant in correctional custody and fix a trial date.
Defence lawyer F.E. Tobuye did not file a formal bail application at the sitting.
Justice H.A. Nganjiwa ordered Emmanuel remanded in a Correctional Centre and adjourned the case to May 19, 2026, for hearing of any bail motion.
The arrest followed a petition accusing Emmanuel of contract scam, false pretence, and conversion of funds, which triggered the EFCC’s investigation in the Port Harcourt zonal command.
The case underscores ongoing efforts by the EFCC to tackle contract-related fraud in the Niger Delta region.
