By Emmanuel Ukudolo I Saturday 23.26
IKEJA, Lagos – Justice Mojisola Dada of the Lagos State Special Offences Court, sitting in Ikeja, has dismissed the preliminary objections and bail application filed by Ufoma Joseph Immanuel, the Managing Director of Intermediate Investment Holdings Limited, over his alleged involvement in a $1.5 million fraud.
Immanuel and his company were arraigned by the Economic and Financial Crimes Commission (EFCC) on March 11, 2026, on a two-count charge bordering on obtaining money under false pretence and forgery.
The defendants pleaded not guilty to both counts.
According to the prosecution, the offences violate the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Criminal Law of Lagos State, 2015.
The EFCC alleged that the defendants induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million into financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The prosecution further stated that the investment was secured under false representations, which included assurances of full reimbursement, a development capital fee of $2.25 million, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
In the second count, Immanuel was accused of forging a “Term Sheet” document, which was purportedly executed by Sherrif Oluwo and Olaniran Osotuyi, to facilitate the transaction.
At the resumed hearing, tension flared as prosecution counsel, Babatunde Sonoiki, urged the court to fix a trial date and remand the defendant in the custody of the International Criminal Police Organisation (INTERPOL).
Sonoiki also leveled an allegation against lead defense counsel, Oluseun Awonuga (SAN), claiming the senior lawyer had assaulted an EFCC counsel, Emenike Mgbemele, during a previous sitting—an assertion he claimed was backed by video evidence.
Moving his application, Awonuga drew the court’s attention to a preliminary objection and a written address dated January 5, 2026. He argued that the court should disregard the anti-graft agency’s counter-affidavit, maintaining that a prior subsistence ruling by a Federal High Court had restrained the EFCC from arresting the defendant.
He accused the commission of acting in flagrant violation of that judicial order.
Responding, Sonoiki countered that the Federal High Court ruling emanated from a civil matter that had since been withdrawn, adding that it did not shield the defendant from criminal prosecution.
He argued that civil and criminal proceedings could run concurrently and urged the court to dismiss the defense’s objections in favor of an accelerated hearing.
The prosecution further informed the court that the defendant had previously vanished after being granted administrative bail by the commission, effectively becoming a fugitive, and warned that he would likely tamper with proceedings if released.
Delivering her ruling, Justice Dada held that the preliminary objection filed by the defense lacked merit and dismissed it in its entirety.
In ruling on the bail application, the judge agreed with the anti-graft agency’s position, noting that the businessman’s history of dodging law enforcement made him an unsafe candidate for bail.
“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. Therefore, bail is hereby refused and accelerated hearing is granted,” Justice Dada ruled.
The matter has been adjourned to June 24, 26, 29, and 30, 2026, for the commencement of trial.