EFCC Charges IIHL Boss with $1.5M Fraud Allegations

The Economic and Financial Crimes Commission (EFCC) has charged Mr. Ufoma Joseph Immanuel, the Managing Director of IIHL, with two counts of forgery and false pretence.

The charges stem from an alleged $1.5 million investment made by businessman Mr. Adebisi Adebutu in April 2022.

The EFCC claims that Immanuel induced Adebutu to invest in IIHL, promising a refund along with development capital fees and a 22.4% equity stake in the company. The allegations include the forgery of a term sheet bearing the signatures of Sheriff Oluwo and Osatuyi, which purportedly misrepresented the investment terms.

The criminal proceedings are occurring alongside a separate civil action initiated by Adebutu against IIHL in the Supreme Court of Mauritius, seeking recognition of his shareholding interest. Immanuel's bail application was dismissed by Justice Dada, who noted that he voluntarily appeared in court upon becoming aware of the charges.

The case is scheduled for further proceedings on March 11, 2026.