Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, Managing Director 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 involving $1.5 million.
The anti-graft agency disclosed this in a statement issued Wednesday, naming both Immanuel and his company as defendants.
The EFCC alleged that between April 2022 and October 2023, the defendants induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million in purported petroleum ventures, including "Cash and or Capital Cost in Chappal Petroleum Development Company Limited" and shares in Intermediate Investment Holdings Limited.
Count one states: “UFOMA JOSEPH IMMANUEL and INTERMEDIATE INVESTMENT HOLDINGS LIMITED... with intent to defraud, induced Adebisi Adebutu... to deposit the total sum of $1,500,000... on the understanding that R28 Holdings Limited will be reimbursed the investment amount, paid a development capital fee of $2,250,000, and allotted 22.4% shares... which representation you knew to be false.”
Count two accuses Immanuel of forging 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 court heard allegations that defence counsel Oluseun Awonuga, SAN, assaulted colleague Emenike Mgbemele on March 2 while serving processes.
Awonuga raised a preliminary objection citing a Federal High Court order barring EFCC arrest, but the prosecution argued it applied only to a prior civil case. Justice Dada adjourned to May 7, 2026, for ruling, ordering Immanuel remanded in INTERPOL custody before transfer to a correctional centre for bail hearing.
This case underscores EFCC's intensified fraud crackdown. In January 2026, businessman Wilson Opuwei and Dateline Energy Services Ltd. faced charges over a $550,000 scam involving fake Dual Purpose Kerosene allocation.
In March 2026, Obiajulu Emeka Emmanuel received a one-year sentence, N1 million fine, and property forfeiture for an $850,000 fraud at Lagos High Court.
