EFCC Arraigns Intermediate Investment Holdings Boss, Ufoma Immanuel for Alleged $1.5m Investment Fraud in Lagos

The Economic and Financial Crimes Commission, EFCC, on Wednesday, March 11, 2026, arraigned one Ufoma Joseph Immanuel for an alleged $1.5m fraud before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos. 
Immanuel, alongside his company, Intermediate Investment Holdings Ltd., was arraigned on a two-count charge bordering on obtaining by false pretence and forgery.
Count one reads: “UFOMA JOSEPH IMMANUEL and INTERMEDIATE INVESTMENT HOLDINGS LIMITED between April 2022 and October 2023 in Lagos,  within the jurisdiction of this Honourable Court, with intent to defraud, induced Adebisi Adebut of R28 Holdings Limited to deposit the total sum of S1, 500, 000.00 (One Million, five Hundred Thousand United States Dollars USD) as investment described as to wit: "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" on the understanding that R28 Holdings Limited will be; (a) reimbursed the investment amount (b) paid a Development Capital fee of $2 250,000.00. (Two Million, Two Hundred and Fifty Thousand Dollars) (c) 22.4% worth of shares in Intermediate Investment Holdings Limited which representation you knew to be false.”
Count two reads: “UFOMA JOSEPH IMMANUEL, sometime between April 2022 and April 2025 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a document to wit: TERM SHEET and purporting same to have been executed by Sherrif Oluwo and Olaniran Osotuyi in order to facilitate your obtaining money by inducement from Adebisi Adebutu of R28 Holdings Limited.”
The defendant pleaded “not guilty” to the charges preferred against him.
In view of this,  prosecution counsel, Babatunde Sonoiki, asked the court to fix a date for trial and also prayed the court to remand the defendant  in the custody of the International Criminal Police Organization, INTERPOL, pending the conclusion of  its investigation.
Sonoiki stated that the defendant was brought to court for the purpose of his arraignment on Wednesday.
He also stated that the defendant would be remanded at the appropriate Correctional centre upon conclusion of investigations by the INTERPOL.
During the proceedings, Sonoiki further narrated how the defence counsel,  Oluseun Awonuga, SAN, had physically assaulted his colleague, Emenike Mgbemele, at the last adjourned sitting on March 2, 2026.
According to him, “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 to that effect and we intend to tender it before the court.”
Though Awonuga did not respond to the allegation made against him by the prosecution counsel, he informed the court of a preliminary objection and a written address dated January 5, 2026.
He, therefore, urged the court to discountenance the counter-affidavit of the prosecution.
He stated that the Federal High Court, in a ruling, had ordered the  EFCC not to arrest the defendant.
"EFCC has flouted the order by arresting the defendant and I hereby urge your lordship to discountenance their counter- affidavit," he said.
Sonoiki, in his response, said that the ruling was part of the motion that  had earlier been withdrawn by the defence and should not be before the court.
The prosecution, in his 21-paragraph counter-affidavit dated February 9, 2026, urged the court to dismiss the notice of preliminary objections.
According to him, “there is nowhere in the ruling that says the defendants cannot be arraigned in a court of competent jurisdiction.
"My lord, the ruling was delivered in a civil case; and according to the Supreme Court, a criminal case and civil case can go on at the same time.
"We urge the court to dismiss the application and order accelerated hearing in this case.”
Justice Dada ,consequently, adjourned the case till May 7, 2026 for ruling. 
The court also ordered that the defendant be remanded  in the custody of INTERPOL pending the conclusion of investigations, after which he would be remanded in a Correctional centre pending the hearing of his bail application.
Prior to Wednesday's arraignment of the defendant, Justice Dada had, on February 26, 2026, declined hearing on the preliminary objection filed by the defence counsel owing to the absence of the defendant, who had earlier been declared wanted, in court.
During the February 26 sitting, Justice Dada  also stood down the matter and ordered that the defendant be brought to court, when the defence counsel insisted that the defendant was not evading service of court processes and arrest.
Upon the defendant being brought to court, Justice Dada had  ordered that he be served with the charge and adjourned the matter to March 11, 2026  for arraignment.
Consequent upon the order of the court, Mgbemele had moved to serve the charge on the defendant.
However, the defence counsel  deliberately blocked and pushed down Mgbemele, thereby enabling the defendant to escape.
The defendant was, however, arrested by INTERPOL while trying to jet out of the country on March 4, 2026.