The Economic and Financial Crimes Commission (EFCC) has formally brought charges against Ufoma Joseph Immanuel, Managing Director of Intermediate Investment Holdings Limited. The arraignment took place at the Special Offences Court in Ikeja, Lagos, concerning an alleged $1.5 million fraud scheme.
Immanuel and his company faced a two-count charge before Justice Mojisola Dada, specifically for obtaining by false pretence and forgery. The prosecution alleges that the defendant induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million. This was done under the pretence of funding petroleum-related investments and business development opportunities, which the EFCC contends were fraudulent.
During the proceedings, prosecution counsel Babatunde Sonoiki requested a trial date and asked the court to remand the defendant in the custody of the International Criminal Police Organization (INTERPOL). Justice Dada adjourned the case to May 7, 2026, for a ruling. She ordered that Immanuel be held by INTERPOL pending the conclusion of investigations, after which he will be transferred to a correctional centre to await a bail hearing.
This prosecution is part of a broader initiative by Nigerian authorities to combat financial crime. In a similar vein, the ECOWAS Commission secures partnerships to bolster regional security, while domestically, the police raid fake syndicates and the FG targets $74bn in economic reforms. These efforts extend to various sectors, as seen when a Kwara monarch was recently involved in a separate legal matter, and Universal Insurance seeks regulatory approvals. Each action underscores a widening net against malpractice, with this case being one of six major fraud prosecutions the EFCC has pursued in recent months.
The EFCC’s recent caseload includes the January 2026 arraignment of businessman Wilson Opuwei and his firm, Dateline Energy Services Ltd., before the same Ikeja court over an alleged $550,000 fraud. These cases highlight the commission’s intensified focus on high-value investment fraud within the country.
