Court Denies Bail to Investment Firm Boss in Fraud Case
On March 11, 2026, Ufoma Joseph Immanuel, the Managing Director of Intermedi Investment Holding Limited, was arraigned by the Economic and Financial Crimes Commission (EFCC) on two counts of fraud involving $1.5 million. The charges include obtaining money under false pretenses and forgery, related to investments purportedly linked to Chappal Petroleum Development Company Limited and Chappal Energy Mauritius Limited.
During the proceedings, the prosecution argued that Immanuel induced Adebisi Adebutu to invest under false pretenses, promising reimbursement for development capital fees. The defense pleaded not guilty and sought bail, but the court, presided over by Justice Mojisola Dada, dismissed the bail application, citing the defendant's potential flight risk and previous absconding.
The court ordered an accelerated trial, with the next hearing scheduled for June 24, 2026.
Plus234Feed summary based on reporting from This Day. Read the original report below.
Read full article
Continue on This Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Court Denies Bail for Investment Boss in $1.5M Fraud Case
Ikeja Court Adjourns Joseph Ufoma's Bail Hearing in Fraud Case
Court Delays Ruling on Bless CEO's N36m Fraud Bail
Bless CEO Awaiting Bail Ruling in N36m Fraud Case
Court Sets Dates for N740m Investment Fraud Trial
Blessing CEO Remains in Custody Amid ₦36m Fraud Case
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
