Ufoma Joseph Immanuel, the chief executive officer of Intermediate Investment Holdings Limited and Chappal Petroleum Development Company, has continued to sink deeper into trouble over alleged $1.5 million fraud case.
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos State, on Thursday dismissed the bail application and preliminary objections filed by the businessman.
Ufoma Joseph Immanuel company, Intermediate Investment Holdings Limited, are being prosecuted by the Economic and Financial Crimes Commission on a two-count charge bordering on obtaining by false pretence and forgery.
The EFCC arraigned the defendant and his company in March 2026 over allegations that he fraudulently persuaded an investor to part with $1.5 million under the pretext of petroleum investment opportunities.
According to the anti-graft agency, Immanuel allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest in what were presented as petroleum business ventures and development projects.
One of the charges reads: “Ufoma Joseph Immanuel and Intermediate Investment Holdings Limited between April 2022 and October 2023 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, induced Adebisi Adebutu of R28 Holdings Limited to deposit the total sum of $1,500,000 as investment described as ‘Cash and or Capital Cost in Chappal Petroleum Development Company Limited; Business Development Cost in Intermediate Investment Holdings Limited; Capital and or Capital Call in Chappal Energies Mauritius Limited’ on the understanding that R28 Holdings Limited will be reimbursed the investment amount, paid a development capital fee of $2,250,000, and allotted 22.4% shares in Intermediate Investment Holdings Limited, which representation you knew to be false.”
The commission also alleged that Immanuel forged a document identified as a “Term Sheet” to facilitate the transaction.
The second charge stated: “Ufoma Joseph Immanuel, sometime between April 2022 and April 2025 in Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, forged a document to wit: Term Sheet and purporting same to have been executed by Sherrif Oluwo and Olaniran Osotuyi in order to facilitate your obtaining money by inducement from Adebisi Adebutu of R28 Holdings Limited.”
During Thursday’s proceedings, Justice Dada dismissed the preliminary objections raised by the defence, paving the way for continuation of the substantive trial.
The court also refused the defendant’s request for bail.
According to the EFCC, the alleged offences violate provisions of Nigeria’s criminal and anti-fraud laws.
The case was subsequently adjourned for continuation of trial.
