Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos has dismissed both the preliminary objections and the bail application filed by Ufoma Joseph Immanuel, the head of Intermediate Investment Holdings Limited, in an alleged $1.5 million fraud case.
The defendant was arraigned on March 11, 2026, by the Economic and Financial Crimes Commission (EFCC) alongside his company on a two-count charge bordering on obtaining money by false pretence and forgery.
In count one, Immanuel and his company were accused of inducing R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023 under the guise of stakes in Chappal Petroleum Development Company Limited and Intermediate Investment Holdings Limited. The EFCC alleged that the promised returns, including a development capital fee of $2.25 million and 22.4% equity, were false representations.
The second count accused Immanuel of forging a “term sheet” document, allegedly purporting it was executed by Sheriff Oluwo and Olaniran Osotuyi, with the intent of securing funds from R28 Holdings Limited.
Immanuel pleaded not guilty to both charges.
Prosecution counsel, Babatunde Sonoiki, urged the court to begin trial and requested that the defendant be remanded in the custody of INTERPOL pending further investigation. He also raised concerns over an alleged incident in which defence counsel, Oluseun Awonuga (SAN), was accused of physically assaulting a colleague during proceedings on March 2, 2026, an allegation the prosecution said was captured on video.
The defence, however, challenged the charges, arguing that a Federal High Court ruling had restrained the EFCC from arresting the defendant. Awonuga insisted that the arrest and arraignment violated the court order and asked the court to disregard the prosecution’s counter-affidavit.
In response, the prosecution maintained that the ruling referenced by the defence arose from a withdrawn motion and a civil matter, stressing that it did not bar criminal prosecution. Sonoiki further argued that civil and criminal proceedings can run concurrently and urged the court to dismiss the objections and fast-track the trial.
After hearing both sides, Justice Dada ruled that the preliminary objection lacked merit and was baseless, dismissing it in its entirety.
On the bail request, the court held that the defendant had previously failed to honour administrative bail conditions and was therefore considered a flight risk. Bail was consequently refused.
The case has been adjourned to June 24, 26, 29, and 30, 2026, for the commencement of trial.
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