EFCC Prosecutes IIHL Boss Over $1.5M Investment Fraud

Ufoma Joseph Immanuel, managing director of IIHL, faces prosecution by the Economic and Financial Crimes Commission (EFCC) over an investment dispute involving $1.5 million with businessman Adebisi Adebuto. The EFCC has charged Immanuel with two counts of obtaining false pretenses and forgery related to investment transactions.

The allegations stem from a business arrangement where IIHL was to acquire equity interest in Chappal Energy. The EFCC claims Immanuel induced Adebuto to invest in IIHL, while also allegedly forging signatures of two individuals to facilitate the investment.

The case is complicated by parallel proceedings in Mauritius, where Adebuto seeks recognition of his shareholding interest in IIHL. Despite a court order from Justice Josephine Obanor restraining the EFCC from taking action against Immanuel, the agency has continued its investigation.

A bail application for Immanuel was dismissed by Justice Dada, leaving him in custody as the trial progresses.