Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, Lagos, has refused bail to the Managing Director of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, over an alleged $1.5 million fraud.
The court also dismissed preliminary objections filed by the defendant and ordered accelerated hearing of the case instituted by the Economic and Financial Crimes Commission (EFCC).
Immanuel and his company were arraigned by the anti-graft agency on March 11, 2026, on a two-count charge bordering on obtaining by false pretence and forgery.
According to the EFCC, the defendants allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the pretext of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
The prosecution alleged that the investment was tied to assurances of reimbursement, a development capital fee of $2.25 million and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited, representations it described as false.
The EFCC further accused Immanuel of forging a “Term Sheet” purportedly executed by Sherrif Oluwo and Olaniran Osotuyi to facilitate the alleged fraud.
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The defendant pleaded not guilty to the charges.
During proceedings, prosecution counsel, Babatunde Sonoiki, urged the court to remand the defendant and reject his bail request, arguing that he became a fugitive after being granted administrative bail by the EFCC.
Delivering her ruling, Justice Dada held that the preliminary objection lacked merit and dismissed it.
The judge also denied the bail application, holding that the defendant’s conduct showed he was likely to abscond.
“On the basis of considering the antecedent of the defendant, I agree with the complainant that he is a flight risk based on his antecedents of the defendant. Therefore, bail is hereby refused and accelerated hearing is granted,” the judge ruled.
The matter was adjourned to June 24, 26, 29 and 30, 2026, for trial.
