Ufoma Joseph Immanuel, founder of Intermediate Investment Holdings Limited, has been arraigned by the Economic and Financial Crimes Commission (EFCC) over an alleged $1.5 million fraud.
Immanuel was brought before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, alongside his company, Intermediate Investment Holdings Limited.
He faces a two-count charge bordering on obtaining by false pretence and forgery.
According to the EFCC, Ufoma Joseph Immanuel and his firm allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023.
The prosecution alleged that the money was presented as an investment in Chappal Petroleum Development Company Limited, business development costs in Intermediate Investment Holdings Limited, and capital contributions in Chappal Energies Mauritius Limited.
The defendants allegedly promised that the investment would be reimbursed, alongside a development capital fee of $2.25 million and 22.4 percent equity in Intermediate Investment Holdings Limited, claims prosecutors said were false.
In the second charge, the EFCC accused Immanuel of forging a document described as a “Term Sheet” between April 2022 and April 2025 to facilitate the alleged fraud.
The document was purportedly executed by Sherrif Oluwo and Olaniran Osotuyi.
Immanuel, however, pleaded not guilty to the charges.
Following the plea, prosecution counsel Babatunde Sonoiki asked the court to fix a trial date and requested that the defendant be remanded in the custody of International Criminal Police Organization (INTERPOL) pending the conclusion of investigations.
Sonoiki also told the court that defence counsel Oluseun Awonuga, SAN, allegedly assaulted his colleague, Emenike Mgbemele, during the previous sitting on March 2, 2026.
According to him, the incident occurred on the staircase while Mgbemele was attempting to serve the defendant with court processes.
“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. There is a video to that effect and we intend to tender it before the court,” Sonoiki said.
Awonuga did not respond to the allegation but informed the court that he had filed a preliminary objection and a written address dated January 5, 2026.
He argued that the Federal High Court Nigeria had earlier issued an order restraining the EFCC from arresting his client and urged the court to discountenance the prosecution’s counter-affidavit.
However, Sonoiki 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.
He urged the court to dismiss the objection and allow accelerated hearing of the case.
Justice Dada subsequently adjourned the matter until May 7, 2026, for ruling.
The court also ordered that the defendant be remanded in INTERPOL custody pending the conclusion of investigations, after which he would be transferred to a correctional centre while his bail application is considered.
Earlier, on February 26, 2026, Justice Dada had declined to hear the defence’s preliminary objection because the defendant who had been declared wanted was absent from court.
During that sitting, the court ordered that Immanuel be brought before it and served with the charges.
However, during an attempt to serve the charge, the prosecution alleged that the defence counsel blocked and pushed down Mgbemele, enabling the defendant to escape.
Immanuel was later arrested by INTERPOL on March 4, 2026 while allegedly attempting to leave the country.
