Court denies bail to Investment Firm boss in alleged $1.5m fraud case

By Adebola Isimijola, Lagos

Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, Lagos, has denied bail to the Managing Director of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, over an alleged $1.5 million fraud.

The court also dismissed the defendant’s preliminary objections and ordered accelerated hearing of the case filed by the Economic and Financial Crimes Commission.

Immanuel and his company were arraigned by the EFCC on March 11, 2026, on a two-count charge bordering on obtaining money by false pretence and forgery.

According to the anti-graft agency, the defendants allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million in projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited under false representations.

The EFCC alleged that the investment was secured with promises that the investor would be reimbursed, paid a development capital fee of $2.25 million and granted a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.

The commission further accused Immanuel of forging a document titled “Term Sheet,” purportedly executed by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the alleged fraud.

The defendant pleaded not guilty to the charges.

During proceedings, prosecution counsel, Babatunde Sonoiki, urged the court to refuse bail, arguing that the defendant failed to honour EFCC invitations after being granted administrative bail.

Sonoiki also alleged that defence counsel, Oluseun Awonuga (SAN), assaulted one of the prosecution lawyers during an earlier court sitting, adding that the prosecution intended to tender video evidence before the court.

In his response, Awonuga argued that a Federal High Court ruling had restrained the EFCC from arresting the defendant.

However, the prosecution maintained that the ruling arose from a civil matter and did not bar criminal proceedings.

Delivering her ruling, Justice Dada dismissed the preliminary objection for lacking merit.

“The preliminary objection is baseless and the entire application is lacking in merit,” the judge held.

She also refused the bail application, describing the defendant as a flight risk.

“Considering the antecedent of the defendant for not honouring the invitation of the applicant after he was granted administrative bail, I agree with the complainant that he is a flight risk; therefore, bail is refused,” Justice Dada ruled.

The matter was adjourned till June 24, 26, 29 and 30, 2026, for trial.