Judge Dismisses Bail Application in $1.5 Million Fraud Case
Justice Mojisola Dada of the Special Offenses Court in Ikeja, Lagos, has rejected a preliminary objection and bail request submitted by Ufoma Joseph Immanuel, the Managing Director of Intermediate Investment Holdings Limited. This decision comes in relation to his involvement in an alleged fraudulent scheme amounting to $1.5 million.
On March 11, 2026, the Economic and Financial Crimes Commission (EFCC) indicted Immanuel and his company on two charges: fraudulent acquisition and forgery, both associated with the $1.5 million transaction.
The prosecution asserts that these actions contravene the Advance Payment Fraud and Other Fraud-Related Offenses Act of 2006, as well as the Lagos State Penal Code of 2015. Immanuel and his company have pleaded not guilty to the accusations.
According to the EFCC, the defendants allegedly lured Adebisi Adebutu of R28 Holdings Limited into investing the substantial sum under the false pretense of financing projects tied to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The prosecution further claims that the investment was presented with assurances including a redemption guarantee and a development capital payment of $2.25 million, along with an allocation of 22.4% equity in Intermediate Investment Holdings Limited. However, these representations have been deemed to be misleading.
In a more severe allegation, Immanuel is charged with forging a document known as the “Term Sheet,” which purportedly bears the signatures of Sherif Oluwo and Olaniran Osotui, further implicating him in the fraud.
Following the arraignment, prosecuting attorney Babatunde Sonoiki requested the court set a trial date while remanding the defendant in Interpol custody pending further investigation.
In defense, lawyer Olusun Awonuga (SAN) urged the court to consider a preliminary objection and a written address submitted on January 5, 2026, asking that the prosecution’s counter-affidavit be dismissed. He emphasized an earlier ruling from the Federal High Court, which he claimed prohibited the EFCC from arresting the defendants and argued that the agency had overstepped this mandate.
Conversely, Sonoiki contended that the Federal High Court’s order pertained to a civil matter that had since been withdrawn and did not impede the commencement of criminal proceedings. He encouraged the court to overrule the objection, asserting that civil and criminal matters could run concurrently.
The prosecutor further asserted that the defendant had been evading authorities, despite previously being granted administrative bail by the EFCC. Concerns were raised that if released on bail, he might interfere with legal proceedings.
In her ruling, Judge Dada determined that the preliminary objection lacked substantive merit and dismissed it entirely. Regarding the bail application, she noted Immanuel’s failure to engage with the EFCC’s bail terms as indicative of his potential flight risk. “Considering the defendant’s previous criminal conduct, I concur with the petitioner that he poses a flight risk. Consequently, bail is denied, and an expedited trial will proceed,” the judge stated.
The case has been adjourned until June 24, 2026, to initiate trial proceedings.
