The Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, the boss of Intermediate Investment Holdings Limited, before the Special Offences Court sitting in Ikeja, Lagos, over an alleged $1.5 million investment fraud.
This was disclosed in a statement issued on Wednesday by the agency.
Immanuel was arraigned alongside his company, Intermediate Investment Holdings Limited, before Justice Mojisola Dada on a two-count charge bordering on obtaining by false pretence and forgery.
What the agency said
According to the commission, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the pretext of participating in petroleum-related investments and business development opportunities.
One of the charges reads:
- “UFOMA JOSEPH IMMANUEL and INTERMEDIATE INVESTMENT HOLDINGS LIMITED between April 2022 and October 2023 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, induced Adebisi Adebutu of R28 Holdings Limited to deposit the total sum of $1,500,000 as investment described as ‘Cash and or Capital Cost in Chappal Petroleum Development Company Limited; Business Development Cost in Intermediate Investment Holdings Limited; Capital and or Capital Call in Chappal Energies Mauritius Limited’ on the understanding that R28 Holdings Limited will be reimbursed the investment amount, paid a development capital fee of $2,250,000, and allotted 22.4% shares in Intermediate Investment Holdings Limited, which representation you knew to be false.”
- Another charge alleges that the defendant forged a document to facilitate the transaction.
- It reads:
- “UFOMA JOSEPH IMMANUEL, sometime between April 2022 and April 2025 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a document to wit: TERM SHEET and purporting same to have been executed by Sherrif Oluwo and Olaniran Osotuyi in order to facilitate your obtaining money by inducement from Adebisi Adebutu of R28 Holdings Limited.”
The defendant pleaded not guilty to the charges.
More details
Prosecution counsel Babatunde Sonoiki asked 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 investigations.
- During the proceedings, the prosecution also alleged that defence counsel Oluseun Awonuga, SAN, physically assaulted his colleague Emenike Mgbemele during the previous sitting on March 2, 2026, while attempting to serve the defendant with court processes.
- Awonuga did not respond to the allegation but informed the court that he had filed a preliminary objection dated January 5, 2026, arguing that the Federal High Court had earlier ordered the EFCC not to arrest the defendant.
- The prosecution maintained that the ruling cited by the defence was delivered in a civil case and did not prevent the defendant from being arraigned in a criminal matter.
Justice Dada adjourned the case to May 7, 2026, for ruling and ordered that the defendant be remanded in INTERPOL custody pending the conclusion of investigations, after which he would be moved to a correctional centre pending the hearing of his bail application.
What you should know
The case is part of a growing number of fraud prosecutions pursued by the EFCC in recent months.
Earlier in January 2026, the EFCC arraigned businessman Wilson Opuwei and his firm, Dateline Energy Services Ltd., before the Ikeja Special Offences Court over an alleged $550,000 fraud.
- According to the commission, the defendants allegedly collected the funds from a businessman under the claim that it was payment for the allocation of 5,000 metric tonnes of Dual Purpose Kerosene (DPK) from the Petroleum Products Marketing Company, a representation the EFCC said was false.
- The anti-graft agency also secured the conviction of Obiajulu Emeka Emmanuel at the Lagos State High Court in March 2026 over a fraud case involving $850,000.
- The court found him guilty of offences including obtaining by false pretence, forgery, and retention of stolen property.
- As part of the judgment, the court sentenced Emmanuel to one year imprisonment, ordered him to pay a N1 million fine, and upheld the forfeiture of three properties previously seized from him in favour of the victim.
