Court Denies Bail for Investment Boss in $1.5M Fraud Case

Justice Mojisola Dada of the Special Offences Court in Ikeja dismissed a preliminary objection and a bail application filed by Ufoma Joseph Immanuel, the investment boss accused of a $1.5 million fraud. Immanuel, alongside Intermedi Investment Holdings Limited, faces two counts of obtaining money under false pretenses and forgery, as charged by the Economic and Financial Crimes Commission (EFCC).

The allegations involve inducing Adebisi Adebutu to invest $1.5 million under false representations linked to an oil investment venture. The prosecution argued that Immanuel posed a flight risk due to his failure to honor previous invitations for administrative bail.

Consequently, Justice Dada ruled that the bail application lacked merit and was dismissed. The matter has been adjourned until June 24, 2026, for trial commencement.