Alleged $1.5m fraud: Court denies businessman, Immanuel bail, rejects preliminary objection

By Innocent Anaba

Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, has dismissed the preliminary objections and bail application  by the boss of Intermediate Investment Holdings Limited, Ufoma Immanuel, 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 $1.5 million.

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

According to the charge, the defendants allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest the sum under the guise of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.

The prosecution alleged that the investment came with assurances of reimbursement, a development capital fee of $2.25 million, and a 22.4 percent equity stake in Intermediate Investment Holdings Limited representations it said 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 fraud.

The defendant pleaded not guilty to the charges.

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

He also alleged that defence counsel, Oluseun Awonuga, SAN, assaulted his colleague, Emenike Mgbemele, during an earlier court sitting, claiming there was video evidence to support the allegation.

Awonuga, however, drew the court’s attention to a preliminary objection and written address dated January 5, 2026, urging the court to disregard the prosecution’s counter-affidavit.

He argued that a prior ruling of the Federal High Court had restrained the EFCC from arresting the defendant, alleging that the agency violated that order.

In response, Sonoiki maintained that the said ruling arose from a civil matter that had since been withdrawn and did not preclude criminal proceedings. 

He also warned that the defendant might tamper with the proceedings if granted bail.

Delivering 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 indicated a likelihood of absconding.

“On the basis of considering the antecedent of the defendant, I agree with the complainant that he is a flight risk based on his antecedents of the defendant. Therefore, bail is here by refused and accelerated hearing is granted.”

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

The post Alleged $1.5m fraud: Court denies businessman, Immanuel bail, rejects preliminary objection  appeared first on Vanguard News.