EFCC Arraigns Investment Firm Boss Over Alleged $1.5 Million Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, the chief executive of Intermediate Investment Holdings Limited, before the Special Offences Court sitting in Ikeja, Lagos, over an alleged $1.5 million investment fraud.

The anti-graft agency disclosed the development in an official statement issued on Wednesday, outlining the charges brought against the businessman and his company.

Akahi News gathered that Immanuel was arraigned alongside his firm, Intermediate Investment Holdings Limited, before Justice Mojisola Dada on a two-count charge bordering on obtaining money by false pretence and forgery.

Alleged Investment Scheme

According to the EFCC, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the guise of participating in petroleum-related investments and business development opportunities.

The commission claims that the investment proposal included promises of financial returns, development capital fees, and equity shares within the company.

One of the charges presented before the court alleged that the defendant knowingly misrepresented the investment opportunity to secure the funds.

Akahi News learnt that the charge states that between April 2022 and October 2023 in Lagos, the defendant allegedly persuaded R28 Holdings Limited to deposit $1.5 million as an investment.

The funds were reportedly described as capital costs tied to Chappal Petroleum Development Company Limited, business development costs for Intermediate Investment Holdings Limited, and capital commitments related to Chappal Energies Mauritius Limited.

The prosecution further alleged that the defendant assured the investor that the investment would be reimbursed, that a development capital fee of $2.25 million would be paid, and that R28 Holdings Limited would receive a 22.4 percent shareholding in Intermediate Investment Holdings Limited.

However, the EFCC maintains that the representation was false and deliberately made to obtain the funds.

Forgery Allegation

In addition to the fraud charge, prosecutors accused the defendant of forging a document to facilitate the transaction.

According to the second charge, Immanuel allegedly forged a document described as a “Term Sheet,” which was purported to have been executed by individuals identified as Sherrif Oluwo and Olaniran Osotuyi.

The prosecution alleged that the document was used to give legitimacy to the investment arrangement and to persuade the investor to release the funds.

During the court proceedings, the defendant pleaded not guilty to all charges.

Court Proceedings and Legal Dispute

Prosecution counsel Babatunde Sonoiki requested that the court fix a date for trial and also urged the judge to order that the defendant be remanded in the custody of the International Criminal Police Organization (INTERPOL) pending the completion of investigations.

The courtroom proceedings also witnessed a dispute between legal representatives.

According to the prosecution, defence counsel Oluseun Awonuga, SAN, allegedly physically assaulted his colleague Emenike Mgbemele during the previous court sitting on March 2, 2026.

The alleged incident reportedly occurred while attempts were being made to serve the defendant with court processes.

Awonuga did not address the allegation during the hearing but informed the court that he had filed a preliminary objection dated January 5, 2026.

The defence lawyer argued that the Federal High Court had earlier issued an order restraining the EFCC from arresting the defendant.

However, the prosecution maintained that the ruling referenced by the defence arose from a civil case and did not bar the commission from pursuing criminal proceedings against the defendant.

Court Orders and Next Hearing

Justice Mojisola Dada subsequently adjourned the case until May 7, 2026, when the court is expected to rule on the preliminary objections raised by the defence.

The judge also ordered that the defendant be remanded in INTERPOL custody while investigations continue.

According to the ruling, the defendant will later be transferred to a correctional centre pending the hearing of his bail application.

Akahi News gathered that the case is expected to draw attention within Nigeria’s financial and legal sectors as authorities continue efforts to combat investment fraud and financial crimes.

The Broader Question of Trust in Investment

Investment schemes are built on trust — trust between investors and entrepreneurs, trust between institutions and citizens, and trust in the legal systems that regulate economic activities.

But when allegations of fraud emerge, they often shake confidence in the broader investment environment.

This raises deeper questions about the nature of financial accountability.

How can investors truly distinguish between legitimate opportunities and deceptive schemes in a complex global economy?

And when trust is broken in the financial world, is the damage merely monetary, or does it erode something far deeper within society’s belief in fairness and transparency?

As the legal process unfolds in the coming months, the court will ultimately determine the facts of the case.

Yet beyond the courtroom, the issue remains part of a larger conversation about ethics, responsibility, and the fragile foundation upon which financial trust is built.

By Joseph Iyaji | Akahi News
Joseph Iyaji is a journalist, educator, and founder of Akahi G. International, Akahi Tutors, and Akahi News. Read more about him here.
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