Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Special Offences Court sitting in Ikeja, Lagos, on Thursday, May 7, 2026, dismissed the preliminary objections and the bail application filed by the Managing Director of Intermediate Investment Holdings Limited, Ufoma Joseph Immanuel, who is standing trial over an alleged $1.5 million (about N2.9 billion) oil investment fraud. Justice Mojisola Dada, in a ruling that lasted just a few minutes, held that both the objections challenging the court's jurisdiction and the oral application for bail lacked merit and were accordingly dismissed. The court directed that the defendant remain in the custody of the International Criminal Police Organization (INTERPOL), where he has been held pending the conclusion of investigations, after which he will be transferred to a correctional centre.
The Economic and Financial Crimes Commission (EFCC) had on Wednesday, March 11, 2026, arraigned Immanuel alongside his company, Intermediate Investment Holdings Ltd, on a two‑count charge of obtaining by false pretence and forgery. The defendants, however, pleaded not guilty to the charges. Following the plea, the prosecution counsel, Babatunde Sonoiki, had requested a trial date and urged the court to remand the defendant in INTERPOL custody pending the conclusion of investigations. Sonoiki further informed the court that the defendant's case had a cross‑border dimension, leading to the involvement of INTERPOL. He also told the court that the defendant was brought to court strictly for his arraignment and would then be transferred to an appropriate correctional facility.
According to the EFCC, the defendant is alleged to have induced one Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023. The funds were 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." The commission alleged that the defendant promised the investor reimbursement of the investment amount, a development capital fee of $2,250,000, and 22.4% worth of shares in Intermediate Investment Holdings Limited, representations that the EFCC said were false. In the second count, the defendant was accused of forging a document titled "Term Sheet," which was allegedly presented as having been executed by Sheriff Oluwo and Olaniran Osotuyi, in order to facilitate the alleged fraudulent transaction.
However, the defence counsel, Oluseun Awonuga, a Senior Advocate of Nigeria, had filed a preliminary objection challenging the jurisdiction of the court to hear the matter. Awonuga argued that a ruling delivered by a Federal High Court had earlier directed that the EFCC should not arrest the defendant. He urged the court to disregard the prosecution's counter‑affidavit, arguing that the EFCC had flouted a subsisting court order by arresting his client. In response, the EFCC counsel, Babatunde Sonoiki, maintained that the ruling cited by the defence was delivered in a civil matter, not a criminal one. He argued that under settled Supreme Court authorities, civil and criminal proceedings can run concurrently. Sonoiki also pointed out that the ruling referenced by the defence was part of a motion that had earlier been withdrawn by the defence itself, and therefore should not be relied upon.
In a 21‑paragraph counter‑affidavit dated February 9, 2026, the prosecution urged the court to dismiss the notice of preliminary objection. "My lord, the ruling was delivered in a civil case and according to the Supreme Court, criminal and civil cases can run concurrently. There is nowhere in that ruling stating that the defendants cannot be arraigned before a court of competent jurisdiction," Sonoiki submitted. He also urged the court to order an accelerated hearing in the matter.
The court also heard arguments on the bail application. The defence counsel had moved an oral application for bail, urging the court to release the defendant on self‑recognisance or, in the alternative, allow him to remain in the custody of the EFCC. However, the prosecution opposed the application, arguing that the defendant is a flight risk. Sonoiki reminded the court that the defendant had earlier been granted administrative bail by the EFCC but had failed to honour the terms of the bail. He also alleged that the defendant had jumped bail and could not be reached, along with his sureties. The prosecutor further informed the court that the defendant is holding two international passports: a Nigerian passport and a British passport, which, he argued, could pose a great danger if the defendant were granted bail. The prosecution also cited an alleged incident outside the courtroom during a previous hearing, where it was claimed that the defence counsel physically assaulted a member of the prosecution team.
After listening to arguments from both parties, Justice Mojisola Dada delivered her ruling. The judge dismissed both the preliminary objections and the bail application, holding that they lacked merit. She affirmed that the court has the jurisdiction to hear the matter and that the objections raised by the defence were not substantial enough to stop the trial. On the issue of bail, the judge declined to grant the application, noting the seriousness of the charges and the concerns raised by the prosecution regarding the risk of the defendant fleeing.
The court adjourned the case to a date to be fixed for the commencement of trial. Justice Dada also directed that the defendant remain in INTERPOL custody pending the conclusion of investigations, after which he will be transferred to a correctional centre pending the hearing of his bail application. The court also ordered the defendant to submit his two international passports to the EFCC without delay.
The EFCC has since welcomed the ruling. In a statement issued by its spokesperson, the commission said the judgment has "further strengthened the ongoing investigation and prosecution of the case." The EFCC also reiterated its commitment to ensuring that all persons involved in fraudulent activities are brought to justice, regardless of their status or influence.
Stone Reporters News
🌍 stonereportersnews.com
✉️ info@stonereportersnews.com
📘 Facebook: Stone Reporters News
🐦 X (Twitter): @StoneReportNew
📸 Instagram: @stonereportersnews
Add comment
Comments