IKEJA – Justice Mojisola Dada of the Lagos Special Offences Court has denied bail to Ufoma Joseph Immanuel, the Chief Executive Officer of Intermediate Investment Holdings Limited, over an alleged $1.5 million fraud and forgery scandal.
In a ruling delivered on Thursday, May 7, 2026, the court dismissed Immanuel’s preliminary objections and his application for bail, describing them as “baseless” and “lacking in merit.” The judge agreed with the Economic and Financial Crimes Commission (EFCC) that the defendant constitutes a significant flight risk.
The Allegations: Forgery and False Pretence
Immanuel and his company were arraigned on March 11, 2026, on a two-count charge. The EFCC alleges that between April 2022 and October 2023, the defendants induced Adebisi Adebutu of R28 Holdings Limited to invest $1,500,000 into various petroleum and energy ventures.
The prosecution claims the investment was sought under the false promise that R28 Holdings would receive:
- A full reimbursement of the $1.5 million.
- A “Development Capital fee” of $2,250,000.
- A 22.4% equity stake in Intermediate Investment Holdings Limited.
The second count specifically accuses Immanuel of forging a “Term Sheet” purportedly signed by Sheriff Oluwo and Olaniran Osotuyi to facilitate the alleged fraud. Immanuel has pleaded “not guilty” to all charges.
Drama in Court: Assault Allegations
The proceedings were marked by significant tension as prosecution counsel, Babatunde Sonoiki, informed the court of an alleged physical assault on an EFCC operative by the defense lead, Oluseun Awonuga, SAN.
Sonoiki claimed the Senior Advocate of Nigeria assaulted his colleague on a staircase while he was attempting to serve the defendant with court documents. “There is a video to that effect, and we intend to tender it before the court,” Sonoiki stated. The defense did not respond to these specific allegations during the session.
The Bail Tug-of-War
Defense counsel Awonuga argued that the EFCC had flouted a prior Federal High Court order restraining the commission from arresting Immanuel. However, the prosecution countered that the ruling in question arose from a civil matter and did not prevent a criminal arraignment.
Justice Dada ultimately sided with the EFCC, noting Immanuel’s prior failure to honor administrative bail invitations. “On the basis of considering the antecedent of the defendant… I agree with the complainant that he is a flight risk; therefore, bail is refused,” the judge ruled.
Next Steps
The court has ordered an accelerated hearing, adjourning the case until June 24, 26, 29, and 30, 2026, for the commencement of the trial. Immanuel remains in custody pending the proceedings.
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