Alleged $1.5m Fraud: Court Rejects Investment Firm Boss’ Bail, Orders Accelerated Trial

Wale Igbintade

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, has dismissed the preliminary objections and bail application filed by the Managing Director of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, in connection with an alleged $1.5 million fraud.

The Economic and Financial Crimes Commission (EFCC) had on March 11, 2026, arraigned Immanuel and his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining by false pretence and forgery involving $1.5 million.

According to the prosecution, the alleged offences contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Criminal Law of Lagos State, 2015.

The defendants pleaded not guilty to the charges.

The EFCC alleged that the defendants induced Adebisi Adebutu of R28 Holdings Limited to invest the sum under the pretext of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.

The prosecution further claimed that the investment was backed by assurances of reimbursement, payment of a development capital fee of $2.25 million, and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited, representations it described as false.

In the second count, Immanuel was accused of forging a document titled “Term Sheet,” allegedly executed by Sherrif Oluwo and Olaniran Osotuyi, to facilitate the purported fraud.

Following the arraignment, prosecution counsel, Babatunde Sonoiki, urged the court to fix a trial date and remand the defendant in INTERPOL custody pending the conclusion of investigations.

Defence counsel, Oluseun Awonuga (SAN) in his response, drew the court’s attention to a preliminary objection and written address dated January 5, 2026, urging the court to discountenance the prosecution’s counter-affidavit.

He argued that an earlier ruling of the Federal High Court restrained the EFCC from arresting the defendant and alleged that the anti-graft agency violated the order.

Responding, Sonoiki maintained that the Federal High Court ruling emanated from a civil matter that had since been withdrawn and did not bar criminal proceedings.

He argued that civil and criminal proceedings could run concurrently and urged the court to dismiss the objections and grant accelerated hearing of the case.

The prosecutor further told the court that the defendant became a fugitive after allegedly absconding despite being granted administrative bail by the EFCC.

He also argued that the defendant could interfere with the proceedings if admitted to bail.
In her ruling, Justice Dada held that the preliminary objection lacked merit and dismissed it in its entirety.

On the bail application, the judge ruled that the defendant’s failure to honour EFCC invitations after being granted administrative bail showed a likelihood of absconding.

“On the basis of considering the antecedents of the defendant, I agree with the complainant that he is a flight risk. Therefore, bail is hereby refused and accelerated hearing is granted,” the judge held.

The matter has been adjourned to June 24, 2026, for commencement of trial.