EFCC Charges Intermediate Investment Holdings Boss with Alleged $1.5M Fraud

The EFCC has arraigned Ufoma Joseph Immanuel, CEO of Intermediate Investment Holdings Limited, before the Special Offences Court in Ikeja, Lagos. He faces two counts of obtaining by false pretence and forgery over an alleged $1.5 million investment scam. According to the charge, Immanuel induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under false pretences tied to petroleum ventures. He is also accused of forging a term sheet purporting signatures to secure the funds. Immanuel pleaded not guilty. Prosecution counsel requested he remain in INTERPOL custody pending investigation. The defence argued a civil court order barred his arrest. Justice Dada adjourned for ruling on May 7, 2026, and ordered Immanuel remanded until his bail hearing.

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