Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, boss of Intermediate Investment Holdings Limited, before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, on a two-count charge of obtaining by false pretence and forgery.
The EFCC accused Immanuel and his company of inducing Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023.
The funds were described as “Cash and or Capital Cost in Chappal Petroleum Development Company Limited; Business Development Cost in Intermediate Investment Holdings Limited; Capital and or Capital Call in Chappal Energies Mauritius Limited.”
The first count states the defendants promised reimbursement, a $2,250,000 development fee, and 22.4% shares in the company—representations the EFCC claims were false.
The second count alleges Immanuel forged a “TERM SHEET” purportedly executed by Sherrif Oluwo and Olaniran Osotuyi to facilitate the fraud between April 2022 and April 2025. Immanuel pleaded not guilty.
Prosecution counsel Babatunde Sonoiki sought a trial date and remand in INTERPOL custody pending investigations.
The defence, led by Oluseun Awonuga (SAN), filed a preliminary objection citing a Federal High Court order barring EFCC arrest, but the prosecution argued it applied only to a prior civil case.
The EFCC also alleged Awonuga assaulted colleague Emenike Mgbemele on March 2, 2026, during service of processes; Awonuga did not respond. Justice Dada adjourned to May 7, 2026, for ruling, ordering Immanuel remanded in INTERPOL custody, then to a correctional centre pending bail hearing.
This joins recent high-profile fraud prosecutions: In January 2026, Wilson Opuwei and Dateline Energy Services Ltd. were arraigned over a $550,000 DPK allocation scam.
In March 2026, Obiajulu Emeka Emmanuel was convicted for $850,000 fraud; sentenced to one year, N1m fine, with three properties forfeited to the victim. The EFCC disclosed the arraignment in a Wednesday statement.
