EFCC Arraigns Investment Firm Boss Ufoma Joseph Immanuel Over Alleged $1.5 Million Fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned businessman Ufoma Joseph Immanuel, the managing director of Intermediate Investment Holdings Limited, before a Lagos court over allegations of involvement in a $1.5 million investment fraud scheme.
Immanuel was brought before the Special Offences Court sitting in Ikeja, in Nigeria’s commercial hub of Lagos, where he was charged alongside his company on a two-count charge bordering on obtaining money by false pretence and forgery.
The case is being presided over by Justice Mojisola Dada.
According to a statement released by the anti-corruption agency, the defendant allegedly persuaded an investor to commit funds under the guise of participating in lucrative petroleum-related business opportunities.
The EFCC stated that Immanuel induced businessman Adebisi Adebutu, owner of R28 Holdings Limited, to invest $1.5 million in what was presented as a strategic energy investment project.
Investigators alleged that the funds were meant to support several business ventures linked to petroleum development, including partnerships with Chappal Petroleum Development Company Limited and Chappal Energies Mauritius Limited.
According to the prosecution, the defendant assured the investor that the investment would come with significant benefits, including a development capital fee of $2.25 million and a 22.4 percent equity stake in Intermediate Investment Holdings Limited.
One of the charges read in court alleged that the defendant knowingly made false representations to secure the funds.
Prosecutors claimed that between April 2022 and October 2023, the accused misled the investor into depositing the money based on claims that were ultimately untrue.
The EFCC also alleged that Immanuel forged a document known as a “Term Sheet” in order to facilitate the transaction and make the investment appear legitimate.
Related News
EFCC Hands Over Recovered ₦279 Million to Wole Soyinka Centre for Culture and Creative Arts
The Economic and Financial Crimes Commission has handed over ₦279 million recovered from a corruption case linked to a National…
EFCC Files Terrorism Financing and Money Laundering Charges Against Bauchi State Officials
Court documents and official records reviewed by investigators reveal an extensive off-the-books cash disbursement system allegedly operated by Bauchi State…
ADC Accuses EFCC of Politically Targeting Malami Over Kebbi Governorship Ambition
The African Democratic Congress has alleged that the Economic and Financial Crimes Commission revoked the bail of former Attorney-General of…
The document was allegedly presented as having been executed by individuals identified as Sherrif Oluwo and Olaniran Osotuyi.
According to the prosecution, the forged document was used to convince the investor that the deal had been formally structured and approved.
When the charges were read in court, Immanuel pleaded not guilty to all counts.
Following the plea, prosecution counsel Babatunde Sonoiki asked the court to fix a trial date and requested that the defendant be remanded pending further investigation.
The prosecution also made an unusual request for the defendant to be held in the custody of the International Criminal Police Organization (INTERPOL) during the investigation.
During the court session, prosecutors raised another issue involving an alleged altercation during a previous hearing held on March 2, 2026.
They accused the defendant’s lawyer, Senior Advocate of Nigeria Oluseun Awonuga, of physically assaulting another lawyer, Emenike Mgbemele, while court processes were being served.
Awonuga did not directly address the allegation during the proceedings but informed the court that the defence had already filed a preliminary objection challenging the case.
The defence argued that a previous ruling by the Federal High Court of Nigeria had barred the EFCC from arresting the defendant.
However, the prosecution countered that the earlier court order related to a civil matter and therefore did not prevent the anti-graft agency from pursuing criminal charges against the defendant.
After listening to both sides, Justice Dada adjourned the case to May 7, 2026 for a ruling on the preliminary objection.
The judge also ordered that the defendant be remanded in custody pending the conclusion of investigations.
According to the court’s directive, the defendant will initially remain in the custody of the international police organization before being transferred to a Nigerian correctional facility once investigations are completed and while awaiting the hearing of his bail application.
The case adds to the growing number of investment-related fraud prosecutions being pursued by the EFCC as authorities attempt to clamp down on financial crimes and protect investors in Nigeria’s business sector.