The case is part of a growing number of fraud prosecutions pursued by the EFCC in recent months. Ufoma Joseph Immanuel was arraigned by the Economic and Financial Crimes Commission (EFCC) on March 11, 2026, in Ikeja, Lagos, over an alleged $1.5 million investment fraud.
Immanuel was charged alongside his company, Intermediate Investment Holdings Limited, with offenses including obtaining by false pretence and forgery. The alleged fraudulent activities are said to have occurred between April 2022 and October 2023.
Details of the Allegations
The EFCC alleges that Immanuel induced Adebisi Adebutu to invest $1.5 million under false pretenses, presenting the investment as funding for projects linked to Chappal Petroleum Development Company Limited. Furthermore, Immanuel reportedly promised reimbursement of the investment along with a development capital fee of $2.25 million.
During the arraignment, Immanuel pleaded not guilty to the charges. Justice Mojisola Dada is presiding over the case, which has drawn significant attention due to the nature of the allegations and the involvement of high-profile companies.
Court Proceedings
The court ordered that Immanuel be remanded in INTERPOL custody pending further investigations. This decision follows his arrest by INTERPOL on March 4, 2026, while he was attempting to leave Nigeria.
The prosecution maintained that the ruling cited by the defense was delivered in a civil case and did not prevent the defendant from being arraigned in a criminal matter. The EFCC emphasized the seriousness of the allegations, stating that the investment was misrepresented as funding for legitimate projects.
Next Steps
The case is scheduled for a ruling on May 7, 2026. Observers are closely monitoring the proceedings, as the outcome could have implications for similar fraud cases in Nigeria.
Details remain unconfirmed regarding the full extent of the alleged fraud and any additional charges that may arise as investigations continue.