A Lagos Federal High Court has denied bail for Ufoma Immanuel as EFCC prosecutes him over an alleged $1.5 million investment fraud

A Federal High Court sitting in Ikeja has dismissed the preliminary objections and bail application filed by Ufoma Joseph Immanuel, Chief Executive Officer of Intermediate Investment Holdings Limited, in an ongoing case involving an alleged $1.5 million fraud.

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Justice Mojisola Dada, who presided over the matter on Thursday, ruled that the Economic and Financial Crimes Commission had established sufficient grounds to proceed with prosecution in the Ufoma Immanuel fraud case.

Immanuel is facing 12 counts bordering on fraud and money laundering, linked to alleged misrepresentation and false pretences used to secure investment funds for Chappal Petroleum Development Company and Intermediate Investment Holdings Limited.

The court heard that between April 2022 and October 2023, the defendant allegedly induced a representative of R28 Holdings Limited to transfer $1.5 million into what was described as a fraudulent investment scheme, promising returns, development fees, and equity stakes.

He is also accused of document forgery, including a Term Sheet allegedly used to mislead investors and obtain funds under false pretences.

Prosecution counsel Babatunde Sonoiki urged the court to proceed with trial and requested that the defendant be remanded under INTERPOL custody, citing concerns over compliance with court processes.

The prosecution further raised concerns over a reported altercation between defence counsel Oluseun Awonuga (SAN) and Emenike Mgbemele during earlier proceedings in March 2026, presenting video evidence to support its claim.

The defence, however, argued that earlier rulings had restricted the EFCC from arresting the defendant and sought to have the charges struck out.

The court rejected this argument, stating that civil and criminal proceedings could run concurrently under established Supreme Court principles.

In her ruling, Justice Dada held that the Ufoma Immanuel fraud case should proceed to full trial, describing the bail application as unmeritorious.

The judge further noted that the defendant had previously failed to respond to official invitations and posed a potential flight risk, leading to the denial of bail.