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.