Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, has dismissed both the preliminary objection and bail application filed by the Chief Executive Officer of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, who is facing an alleged $1.5 million fraud charge.
The case was brought by the Economic and Financial Crimes Commission (EFCC), which arraigned Immanuel and his company on March 11, 2026, on a two-count charge bordering on obtaining by false pretence and forgery.
In count one, the defendants were accused of allegedly inducing R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023, under the claim that the funds would be used for various capital and development investments, including stakes in Chappal Petroleum Development Company Limited and Chappal Energies Mauritius Limited, with promises of reimbursement, development fees, and equity shares—representations the prosecution said were false.
Count two alleged that Immanuel, between April 2022 and April 2025, forged a document titled “Term Sheet,” purportedly executed by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the fraudulent acquisition of funds from Adebisi Adebutu of R28 Holdings Limited.
The defendant pleaded not guilty to all charges when they were read in court.
Prosecution counsel, Babatunde Sonoiki, urged the court to commence trial and also asked that the defendant be remanded in the custody of the INTERPOL pending the conclusion of investigations. He further alleged that defence counsel, Oluseun Awonuga (SAN), had assaulted his colleague during earlier proceedings, an allegation he said was captured on video.
However, defence counsel, Oluseun Awonuga (SAN), argued that a prior Federal High Court ruling restrained the EFCC from arresting the defendant and urged the court to dismiss the prosecution’s counter-affidavit and preliminary objection.
The prosecution countered that the said ruling arose from a civil matter and had no bearing on the criminal proceedings, insisting that both civil and criminal cases could run concurrently.
After hearing both sides, Justice Dada ruled that the preliminary objection lacked merit and dismissed it in its entirety.
On the bail application, the judge held that considering the defendant’s past failure to honour administrative bail conditions, he was a flight risk and therefore not eligible for bail.
“The application is hereby refused,” Justice Dada ruled.
The case was adjourned to June 24, 26, 29, and 30, 2026, for commencement of trial.
