Court refuses bail to investment firm boss over alleged $1.5m fraud in Lagos

The Special Offences Court sitting in Ikeja, Lagos, on Thursday dismissed a preliminary objection. It denied bail to Ufoma Immanuel, Managing Director of Intermediate Investment Holdings Limited, who is standing trial over an alleged $1.5 million fraud.

Mojisola Dada (Justice), in a ruling delivered after hearing arguments from both prosecution and defence counsel, held that the preliminary objection filed by the defendant was “baseless and lacking in merit,” and consequently struck it out.

The court also refused the defendant’s bail application, describing him as a flight risk due to his alleged failure to honour prior administrative bail conditions.

“The court, having considered the antecedents of the defendant, particularly his failure to honour the invitation of the complainant after being granted administrative bail, agrees that he poses a flight risk. Bail is therefore refused,” Dada ruled.

The case, instituted by the Economic and Financial Crimes Commission (EFCC), centres on allegations of obtaining by false pretence and forgery involving $1.5 million.

The EFCC had on March 11, 2026, arraigned Immanuel alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on fraud and document forgery.

Prosecutors alleged that between April 2022 and October 2023, the defendant, with the intent to defraud, induced Mr Adebisi Adebutu of R28 Holdings Limited to invest a total sum of $1.5 million into purported business ventures.

The prosecution said the investment was presented as capital contribution in Chappal Petroleum Development Company Limited, business development funding in Intermediate Investment Holdings Limited, and capital call in Chappal Energies Mauritius Limited.

It further alleged that the investor was promised reimbursement of the principal sum, a $2.25 million development capital fee, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited—claims EFCC said were false.

In the second count, Immanuel was accused of forging a document titled “Term Sheet,” allegedly purporting it to have been executed by Sheriff Oluwo and Olaniran Osotuyi, to facilitate the fraudulent transaction.

Immanuel pleaded not guilty to both charges when they were read in court.

Following the plea, prosecution counsel, Babatunde Sonoiki, urged the court to fix a date for trial and requested that the defendant be remanded in the custody of the International Criminal Police Organisation (INTERPOL) pending further investigations.

Tensions also rose in court over allegations that Oluseun Awonuga, defence counsel, physically assaulted a colleague of the prosecution, Emenike Mgbemele, during a previous sitting on March 2, 2026.

The court was told that the alleged incident occurred on the staircase of the courthouse while the charge was being served.

“My lord, the learned silk physically assaulted my colleague on the staircase on his way to serve the defendant the charge as directed by the court. There is a video evidence which we intend to tender,” he said.

The allegation was not directly responded to by Awonuga (SAN) in court.

However, the senior advocate informed the court that he had filed a preliminary objection dated January 5, 2026, challenging the competence of the charge and urging the court to discountenance the EFCC’s counter-affidavit.

Awonuga argued that a Federal High Court ruling had previously restrained the EFCC from arresting the defendant, insisting that the anti-graft agency violated the order by proceeding with the arraignment.

He urged the court to strike out the prosecution’s response.

But the EFCC countered through its counsel that the ruling referenced by the defence was tied to a motion that had already been withdrawn and did not apply to the current criminal proceedings.

After reviewing arguments and affidavits filed by both parties, Dada held that the preliminary objection lacked merit and dismissed it in its entirety.

The court subsequently refused bail and ordered the defendant to remain in custody pending trial.

Justice Dada adjourned the matter for commencement of trial to June 24, 26, 29, and 30, 2026.