EFCC Arraigns Man Over Alleged $1.5m Fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) on Wednesday, March 11, 2026, brought Ufoma Joseph Immanuel before the Special Offences Court sitting in Ikeja, Lagos, over an alleged fraud involving $1.5 million.
Immanuel was arraigned alongside his firm, Intermediate Investment Holdings Limited, before Justice Mojisola Dada on a two-count charge bordering on obtaining money under false pretence and forgery.
According to the EFCC, the defendant allegedly convinced Adebisi Adebutu of R28 Holdings Limited to invest a total of $1.5 million between April 2022 and October 2023. The investment was reportedly described as capital and development costs connected to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The prosecution alleged that the investor was promised a reimbursement of the funds, a development capital fee of $2.25 million, and a 22.4 percent shareholding in Intermediate Investment Holdings Limited claims the EFCC said the defendant knew to be false.
In the second charge, Immanuel was accused of forging a document identified as a “Term Sheet,” which was purportedly executed by Sherrif Oluwo and Olaniran Osotuyi. The document was allegedly used to facilitate the fraudulent inducement of funds from the investor.
When the charges were read in court, the defendant pleaded not guilty.
Following the plea, prosecuting counsel Babatunde Sonoiki requested the court to set a trial date and asked that the defendant be remanded in the custody of the International Criminal Police Organization (INTERPOL) while investigations are ongoing.
He explained that the defendant had been produced in court specifically for the arraignment and would later be transferred to a correctional facility once investigations are completed.
During the proceedings, Sonoiki also alleged that defence counsel Oluseun Awonuga, SAN, had physically assaulted his colleague, Emenike Mgbemele, during the previous court sitting on March 2, 2026. According to him, the incident occurred on a staircase while Mgbemele attempted to serve the defendant with court documents, adding that there was video evidence which the prosecution intended to present.
Awonuga did not address the allegation but instead informed the court that he had filed a preliminary objection along with a written address dated January 5, 2026. He urged the court to disregard the prosecution’s counter-affidavit, arguing that a Federal High Court had earlier ordered the EFCC not to arrest his client.
Responding, the prosecution maintained that the ruling referenced by the defence was part of a motion that had already been withdrawn and therefore should not be considered by the court. In a 21-paragraph counter-affidavit dated February 9, 2026, the EFCC urged the court to dismiss the preliminary objection, noting that the earlier ruling arose from a civil matter and did not prevent the defendant from being prosecuted in a criminal case
Sonoiki further argued that both civil and criminal proceedings could run simultaneously and asked the court to dismiss the defence application while granting an accelerated hearing for the trial.
After hearing both sides, Justice Dada adjourned the matter until May 7, 2026, to deliver a ruling on the preliminary objection. The court also ordered that the defendant remain in INTERPOL custody pending the completion of investigations, after which he would be transferred to a correctional facility while his bail application is considered.
Before the arraignment, the judge had on February 26, 2026 declined to hear the defence’s preliminary objection due to the absence of the defendant, who had previously been declared wanted.
At that sitting, the court directed that the defendant be produced and served with the charges after his counsel insisted he was not evading arrest or service of court processes. When the defendant was eventually brought to court, Justice Dada ordered that he be served with the charges and fixed March 11, 2026 for his arraignment.
However, during attempts to serve the charges, the prosecution alleged that the defence counsel obstructed the process and pushed down the prosecutor, allowing the defendant to escape.
Immanuel was later apprehended by INTERPOL on March 4, 2026 while attempting to leave the country.
