Lagos, Nigeria – The Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, boss of Intermediate Investment Holdings Limited, over an alleged $1.5 million investment fraud. Immanuel appeared before the Special Offences Court in Ikeja alongside his company.
Okay News reports that Immanuel faced Justice Mojisola Dada on Wednesday on two counts of obtaining by false pretence and forgery. The defendant pleaded not guilty to the charges.
The commission alleges that Immanuel induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million. The pretext was participation in petroleum-related investments and business development opportunities.
The charge states that between April 2022 and October 2023, Immanuel promised Adebutu reimbursement of the investment, a development capital fee of $2.25 million, and 22.4% shares in Intermediate Investment Holdings Limited. The representation was allegedly false.
A second charge alleges Immanuel forged a term sheet document between April 2022 and April 2025. The document purported to have been executed by Sherrif Oluwo and Olaniran Osotuyi to facilitate obtaining money from Adebutu.
Prosecution counsel Babatunde Sonoiki asked the court to fix a trial date. He requested that the defendant be remanded in Interpol custody pending conclusion of investigations.
During proceedings, the prosecution alleged that defence counsel Oluseun Awonuga physically assaulted colleague Emenike Mgbemele on March 2, 2026. This occurred while attempting to serve the defendant with court processes.
Awonuga did not respond to the allegation. He informed the court that he had filed a preliminary objection arguing that the Federal High Court had earlier ordered the EFCC not to arrest the defendant.
The prosecution maintained that the ruling cited was delivered in a civil case. It did not prevent the defendant from being arraigned in a criminal matter.
Justice Dada adjourned the case to May 7, 2026, for ruling. She ordered that the defendant be remanded in Interpol custody pending conclusion of investigations. After this, he would move to a correctional centre pending hearing of his bail application.
The case is part of a growing number of fraud prosecutions by the EFCC. In January 2026, the commission arraigned businessman Wilson Opuwei and his firm over an alleged $550,000 fraud. In March 2026, the agency secured conviction of Obiajulu Emeka Emmanuel over a fraud case involving $850,000.
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