The Economic and Financial Crimes Commission (EFCC) on Wednesday, March 11, 2026, arraigned the Managing Director of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, over an alleged $1.5 million investment fraud.
Immanuel was arraigned alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining by false pretence and forgery.
According to the charge, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest the sum of $1.5 million between April 2022 and October 2023 under the pretext of funding projects linked to Chappal Petroleum Development Company Limited, Chappal Energies Mauritius Limited, and business development costs in Intermediate Investment Holdings Limited.
The EFCC alleged that the investment was secured on the promise that R28 Holdings Limited would be reimbursed the investment amount, paid a development capital fee of $2.25 million, and allotted a 22.4 percent equity stake in Intermediate Investment Holdings Limited—representations the prosecution claims were false.
In the second count, Immanuel was accused of forging a document described as a “Term Sheet,” purportedly executed by Sherrif Oluwo and Olaniran Osotuyi, to facilitate the alleged fraudulent transaction.
The defendant pleaded not guilty to the charges.
Following the plea, prosecution counsel, Babatunde Sonoiki, urged 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 ongoing investigations, after which he would be transferred to a correctional centre.
During proceedings, Sonoiki also informed the court that defence counsel, Oluseun Awonuga, SAN, allegedly assaulted a member of the prosecution team, Emenike Mgbemele, during the previous sitting on March 2, 2026.
According to him, the incident occurred on a staircase within the court premises when Mgbemele attempted to serve the defendant with court processes as directed by the court. He added that a video recording of the alleged assault exists and may be tendered as evidence.
Awonuga did not respond to the allegation but instead drew the court’s attention to a preliminary objection and a written address dated January 5, 2026, urging the court to disregard the prosecution’s counter-affidavit.
He argued that the Federal High Court had earlier issued an order restraining the EFCC from arresting the defendant, alleging that the anti-graft agency violated the order by taking him into custody.
However, Sonoiki countered that the ruling referenced by the defence formed part of an earlier motion that had since been withdrawn. In a 21-paragraph counter-affidavit dated February 9, 2026, the prosecution urged the court to dismiss the preliminary objection.
He further argued that the ruling cited by the defence emanated from a civil proceeding and did not preclude criminal prosecution, noting that civil and criminal matters can proceed simultaneously under Nigerian law.
After hearing submissions from both parties, Justice Dada adjourned the matter until May 7, 2026, for ruling on the preliminary objection.
The court also ordered that the defendant be remanded in INTERPOL custody pending the completion of investigations, after which he would be transferred to a correctional facility while awaiting the hearing of his bail application.
Earlier proceedings in the matter revealed that on February 26, 2026, the court declined to hear the defence’s preliminary objection due to the absence of the defendant, who had previously been declared wanted.
At that sitting, Justice Dada directed that the defendant be produced in court after the defence insisted that he was not evading arrest or service of court processes. When he was eventually brought before the court, the judge ordered that he be served with the charge and adjourned the case to March 11, 2026, for arraignment.
The court was also told that when Mgbemele attempted to serve the charge on the defendant following the order, the defence counsel allegedly obstructed and pushed him, enabling the defendant to escape.
The defendant was subsequently arrested by INTERPOL on March 4, 2026, while allegedly attempting to leave the country.
