Court Denies Bail to Intermediate Investment CEO in $1.5m Fraud Case

A Federal High Court in Ikeja has dismissed both the preliminary objections and bail application filed by Ufoma Joseph Immanuel, CEO of Intermediate Investment Holdings Limited, in an alleged $1.5 million fraud and money laundering case brought by the EFCC. Justice Mojisola Dada ruled that the anti-graft agency established a prima facie case against Immanuel, who faces 12 counts of obtaining by false pretence and forgery related to a fake investment scheme promising development fees and equity shares. The court noted Immanuel’s failure to honour earlier EFCC invitations and concerns he might abscond. Bail was therefore refused, and the trial will resume later this month with dates set for June 24, 26, 29, and 30.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.