A Federal High Court sitting in Ikeja, Lagos, has dismissed the preliminary objections and bail application filed by Ufoma Joseph Immanuel, the CEO of Intermediate Investment Holdings Limited, over his involvement in an alleged $1.5 million fraud case.

Justice Mojisola Dada, presiding over the matter, ruled on Thursday that the Economic and Financial Crimes Commission (EFCC) had proven its case against the accused beyond reasonable doubt.

Immanuel is facing 12 counts of fraud and money laundering related to the alleged misrepresentation and false pretences in securing funds for a purported investment in Chappal Petroleum Development Company and Intermediate Investment Holdings Limited.

The charges against him include:

Obtaining by false pretence – The EFCC alleges that between April 2022 and October 2023, Immanuel induced Adebisi Adebutu, a representative of R28 Holdings Limited, to deposit $1.5 million into a fake investment scheme, with false promises of returns, including a development fee and equity shares in his company.
Forgery – Immanuel is also accused of forging documents, including a Term Sheet, to deceive Adebutu and obtain funds.

Upon Immanuel’s not guilty plea, prosecution counsel Babatunde Sonoiki requested that the case proceed to trial and asked that the defendant be remanded in INTERPOL custody. Sonoiki also raised the issue of a physical altercation between defense counsel Oluseun Awonuga (SAN) and one of the prosecution’s lawyers, Emenike Mgbemele, during the proceedings in March 2026. A video of the incident was presented as evidence.

The defense sought to dismiss the charges based on preliminary objections, arguing that a Federal High Court ruling had previously ordered that the EFCC should not arrest the defendant. However, Justice Dada ruled that the objection lacked merit and that the earlier ruling was irrelevant to the ongoing criminal case. The judge further stated that civil and criminal cases could proceed concurrently, as per Supreme Court rulings.

Addressing Immanuel’s bail application, the court noted that the defendant had failed to honour earlier invitations and was considered a flight risk. As a result, Justice Dada ruled that bail was denied, citing concerns about the accused’s potential to abscond from the trial.

The case has been adjourned for trial, with the next hearing scheduled for June 24, 26, 29, and 30, 2026

Source: PM News