The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the Managing Director of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, over an alleged $1.5 million investment fraud before the Special Offences Court sitting in Ikeja, Lagos.
Immanuel and his company, Intermediate Investment Holdings Ltd., were brought before Justice Mojisola Dada on a two-count charge bordering on obtaining by false pretence and forgery.
According to the EFCC, the defendant allegedly induced Adebisi Adebut of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023 under the pretext of funding petroleum and energy-related projects.
The anti-graft agency alleged that the investment was presented as capital and business development costs tied to entities including Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The EFCC further claimed that the investor was promised reimbursement of the funds, a development capital fee of $2.25 million, and 22.4 percent equity stake in Intermediate Investment Holdings Limited.
Part of the charge read: “UFOMA JOSEPH IMMANUEL and INTERMEDIATE INVESTMENT HOLDINGS LIMITED… with intent to defraud, induced Adebisi Adebut of R28 Holdings Limited to deposit the total sum of $1,500,000… which representation you knew to be false.”
The Commission also accused the defendant of forging a document described as a “Term Sheet”, purportedly executed by Sherrif Oluwo and Olaniran Osotuyi, to facilitate the alleged fraudulent transaction.
Immanuel, however, pleaded not guilty to the charges.
Following the plea, prosecution counsel Babatunde Sonoiki urged the court to fix a trial date and requested that the defendant be remanded in the custody of the International Criminal Police Organization (INTERPOL) pending the conclusion of ongoing investigations.
During the proceedings, Sonoiki also alleged that defence counsel Oluseun Awonuga, SAN, physically assaulted his colleague, Emenike Mgbemele, during the last adjourned sitting on March 2.
“My lord, the learned silk physically assaulted my colleague on the staircase on his way to serve the defendant the charge as directed by the court,” Sonoiki told the court, adding that video evidence of the incident would be tendered.
Awonuga did not respond to the assault allegation but informed the court that the defence had filed a preliminary objection, arguing that a Federal High Court ruling had earlier restrained the EFCC from arresting the defendant.
He urged the court to discountenance the prosecution’s counter-affidavit, insisting that the anti-graft agency had flouted the earlier court order.
Responding, the prosecution argued that the ruling referenced by the defence arose from a civil proceeding and did not bar criminal prosecution.
“There is nowhere in the ruling that says the defendant cannot be arraigned in a court of competent jurisdiction,” Sonoiki said, adding that civil and criminal proceedings can run concurrently.
After hearing the arguments, Justice Dada adjourned the case to May 7, 2026, for ruling on the preliminary objection.
The court also ordered that the defendant remain in INTERPOL custody pending the conclusion of investigations, after which he will be transferred to a correctional centre pending the hearing of his bail application.
The EFCC disclosed that the defendant had earlier been declared wanted and was arrested by INTERPOL on March 4, 2026, while attempting to leave the country.