The Economic and Financial Crimes Commission (EFCC) has arraigned Isaac Saviour Emmanuel over an alleged N157 million and $4,000 contract fraud.
Emmanuel was docked on Wednesday, February 25, 2026, by the Port Harcourt Zonal Directorate of the anti-graft agency before H. A. Nganjiwa of the Federal High Court sitting in Warri, Delta State.
The defendant is facing a seven-count charge bordering on alleged conversion of funds and contract scam involving N157,000,000 and $4,000.
According to one of the charges, Emmanuel allegedly converted an aggregate sum of about N157 million between June 2023 and May 2024.
The funds were said to have been paid at different times into his First City Monument Bank account by Nathaniel Russel Okpenyi, Managing Director and Chief Executive Officer of Ursyfin Integrated Services Ltd, under the pretext of securing contract awards.
Another count alleged that he used the said sum, which he knew or reasonably ought to have known was the proceeds of unlawful activity, contrary to Section 18(1) and (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
He pleaded “not guilty” to 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 facility. Defence counsel, F.E. Tobuye, did not move a formal bail application.
Justice Nganjiwa subsequently ordered that the defendant be remanded in a correctional centre pending a formal bail application and adjourned the matter to May 19, 2026, for hearing of the bail application.
The EFCC said Emmanuel’s arrest followed a petition accusing him of contract scam, obtaining by false pretence and conversion of funds. Investigations allegedly revealed that he convinced the petitioner he could secure contracts from various agencies. Based on the assurance, the petitioner paid him substantial sums of money and was issued purported letters of contract awards, which were later discovered to be fake.
The alleged fraudulent transactions reportedly spanned June 2023 to May 2025, resulting in a total loss of N157 million and $4,000, with efforts to recover the funds said to have been unsuccessful.
