The Special Offences Court in Ikeja, Lagos, on Thursday, May 7, 2026, rejected both the preliminary objections and bail application of Ufoma Joseph Immanuel, managing director of Intermediate Investment Holdings Limited, who is facing charges over an alleged $1.5 million fraud.
Justice Mojisola Dada ruled that the preliminary objection was “baseless and lacking in merit” and dismissed it entirely. The judge also denied bail, citing Immanuel’s failure to honor an earlier administrative bail granted by the Economic and Financial Crimes Commission (EFCC), and described him as a flight risk.
Immanuel and his company were arraigned by the EFCC on March 11, 2026, on two counts of obtaining money by false pretence and forgery.
The charges stem from allegations that between April 2022 and October 2023, Immanuel induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million in what was described as capital and development costs linked to Chappal Petroleum Development Company and Intermediate Investment Holdings.
The EFCC alleges the representations were false, including promises of a $2.25 million development fee and a 22.4% equity stake in Intermediate Investment Holdings.
The second count accuses Immanuel of forging a term sheet purportedly signed by Sheriff Oluwo and Olaniran Osotuyi to facilitate the fraudulent transaction between April 2022 and April 2025.
Immanuel pleaded not guilty to both charges.
During proceedings, EFCC counsel Babatunde Sonoiki asked the court to remand the defendant in INTERPOL custody pending investigation and set a date for trial.
He also alleged that defence counsel Oluseun Awonuga, SAN, had physically assaulted a prosecution lawyer, Emenike Mgbemele, on the court staircase on March 2, 2026, while he was serving charges on the defendant. Sonoiki said there was video evidence he intended to tender.
Awonuga did not address the assault allegation but instead raised a preliminary objection, arguing that a Federal High Court had earlier barred the EFCC from arresting his client.
He urged the court to disregard the EFCC’s 21-paragraph counter-affidavit filed on February 9, 2026.
Sonoiki countered that the Federal High Court ruling was part of a motion the defence had withdrawn and that it did not prevent arraignment in a court of competent jurisdiction.
He added that the ruling was in a civil matter, while the current case is criminal, and both can proceed simultaneously.
After hearing both sides, Justice Dada adjourned the case to May 7 for ruling. Delivering the judgment, she dismissed the objection and also refused bail.
The trial is scheduled to commence on June 24, 26, 29, and 30, 2026.
