COURT REJECTS BAIL, DISMISSES OBJECTIONS IN $1.5M FRAUD CASE AGAINST BUSINESSMAN IMMANUEL

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By; Ganiyat Sunmola

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Thursday dismissed both the preliminary objection and the bail application filed by the Chief Executive Officer of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, who is standing trial over an alleged $1.5 million fraud.

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

According to the prosecution, the offences contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as sections of the Criminal Law of Lagos State, 2015. Both defendants pleaded not guilty to the charges.

The EFCC alleged that Immanuel and his company induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the pretext of financing oil-related 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 accompanied by assurances of a development capital fee of $2.25 million and 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 known as a “Term Sheet,” allegedly signed by Sherrif Oluwo and Olaniran Osotuyi, which was said to have been used to facilitate the alleged fraudulent transaction.

Following his plea of not guilty, prosecution counsel Babatunde Sonoiki urged the court to fix a date for trial and requested that the defendant be remanded in INTERPOL custody pending further investigation. He also raised allegations of misconduct involving defence counsel during previous proceedings, which he claimed was supported by video evidence.

In response, defence counsel Oluseun Awonuga (SAN) challenged the prosecution’s position, arguing that a prior Federal High Court ruling had restrained the EFCC from arresting the defendant. He maintained that the agency had acted in violation of that order and urged the court to uphold his preliminary objection.

The prosecution, however, countered that the Federal High Court ruling stemmed from a civil matter that had already been withdrawn and therefore did not prevent criminal prosecution. Sonoiki argued that civil and criminal proceedings could run concurrently and urged the court to dismiss the objection and proceed with an accelerated hearing.

He further told the court that the defendant had allegedly gone into hiding after being granted administrative bail by the EFCC, describing him as a flight risk who could interfere with the trial if released.

Delivering her ruling, Justice Dada held that the preliminary objection lacked merit and was therefore dismissed in its entirety.

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

She stated that, based on the defendant’s conduct and antecedents, the court was satisfied that he posed a flight risk. Consequently, bail was refused, and the court ordered an accelerated hearing of the case.

The matter was adjourned to June 24, 26, 29, and 30, 2026, for commencement of trial proceedings.