EFCC arraigns Ufoma Immanuel over alleged $1.5m investment fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Immanuel over an alleged $1.5 million investment fraud before Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.

Immanuel was arraigned on Wednesday alongside his firm, Intermediate Investment Holdings Limited, on a two-count charge of obtaining by false pretence and forgery.

According to the prosecution, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023.

The EFCC told the court that the investment was presented as funding for projects linked to Chappal Petroleum Development Company Limited, business development costs for Intermediate Investment Holdings Limited and capital commitments in Chappal Energies Mauritius Limited.

Prosecutors alleged that the defendant promised that the investment would be reimbursed, alongside a $2.25 million development capital fee and 22.4 per cent shares in Intermediate Investment Holdings Limited. The commission said the representations were false.

In the second charge, the EFCC accused Immanuel of forging a document titled “Term Sheet”, allegedly executed in the names of Sherrif Oluwo and Olaniran Osotuyi, to facilitate the transaction.

The defendant pleaded not guilty to the charges.

EFCC seeks remand

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

He said the defendant was brought to court specifically for arraignment and would later be transferred to a correctional centre after investigations.

Allegation of courtroom assault

During proceedings, Sonoiki also accused defence counsel Oluseun Awonuga, SAN, of physically assaulting his colleague, Emenike Mgbemele, at the previous sitting on March 2, 2026.

“My lord, the learned silk physically assaulted my colleague on the staircase while he was attempting to serve the defendant with the charge as directed by the court,” Sonoiki said.

He added that the prosecution had video evidence of the alleged incident and intended to present it before the court.

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

Defence cites Federal High Court ruling

The defence counsel argued that a ruling of the Federal High Court had earlier directed the EFCC not to arrest the defendant, urging the court to discountenance the prosecution’s counter-affidavit.

However, Sonoiki countered that the ruling formed part of a motion earlier withdrawn by the defence and should not apply to the present proceedings.

He further argued that the ruling arose from a civil case, adding that criminal and civil proceedings could run simultaneously under Nigerian law.

The prosecution urged the court to dismiss the preliminary objection and grant an accelerated hearing.

Court adjourns ruling

Justice Dada adjourned the matter to May 7, 2026 for ruling on the preliminary objection.

The court also ordered that the defendant be remanded in INTERPOL custody pending the completion of investigations, after which he will be transferred to a correctional centre while awaiting the hearing of his bail application.

Arrest at airport

The arraignment followed earlier proceedings on February 26, when the court declined to hear the defence’s preliminary objection due to the absence of the defendant, who had been declared wanted.

During that sitting, the court ordered that he be produced for service of the charges.

However, prosecutors said the defence counsel allegedly blocked and pushed down EFCC counsel Emenike Mgbemele, allowing the defendant to escape.

Immanuel was later arrested by INTERPOL on March 4, 2026 while attempting to leave Nigeria, paving the way for Wednesday’s arraignment.