The Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, the boss of Intermediate Investment Holdings Limited, before the Special Offences Court sitting in Ikeja, Lagos, over an alleged $1.5 million investment fraud.
This was disclosed in a statement issued on Wednesday by the agency.
Immanuel was arraigned alongside his company, Intermediate Investment Holdings Limited, before Justice Mojisola Dada on a two-count charge bordering on obtaining by false pretence and forgery.
According to the commission, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the pretext of participating in petroleum-related investments and business development opportunities.
One of the charges reads:
The defendant pleaded not guilty to the charges.
Prosecution counsel Babatunde Sonoiki asked the court to fix a trial date and requested that the defendant be remanded in the custody of the International Criminal Police Organization (INTERPOL) pending the conclusion of investigations.
Justice Dada adjourned the case to May 7, 2026, for ruling and ordered that the defendant be remanded in INTERPOL custody pending the conclusion of investigations, after which he would be moved to a correctional centre pending the hearing of his bail application.
The case is part of a growing number of fraud prosecutions pursued by the EFCC in recent months.
Earlier in January 2026, the EFCC arraigned businessman Wilson Opuwei and his firm, Dateline Energy Services Ltd., before the Ikeja Special Offences Court over an alleged $550,000 fraud.