Immanuel was charged alongside his company, Intermediate Investment Holdings Limited. The charges include obtaining by false pretence and forgery, with the alleged fraud occurring between April 2022 and October 2023.

Details of the Case

According to the EFCC, Immanuel allegedly induced Adebisi Adebutu to invest $1.5 million under false pretenses, presenting the investment as funding for projects linked to Chappal Petroleum Development Company Limited. He reportedly promised reimbursement of the investment along with a development capital fee of $2.25 million.

During the arraignment, Immanuel pleaded not guilty to the charges. Justice Mojisola Dada is presiding over the case, which has drawn significant attention due to the high-profile nature of the individuals involved.

Legal Proceedings

The court ordered that Immanuel be remanded in INTERPOL custody pending investigations. He was arrested by INTERPOL on March 4, 2026, while attempting to leave Nigeria.

The prosecution maintained that the ruling cited by the defense was delivered in a civil case and did not prevent the defendant from being arraigned in a criminal matter. The EFCC emphasized that the investment was presented as funding for legitimate projects.

Next Steps

The case is scheduled for ruling on May 7, 2026. Observers are closely monitoring the proceedings, as they could have significant implications for investment practices and fraud enforcement in Nigeria.

Details remain unconfirmed regarding additional charges or potential co-defendants in this case.

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Recent Developments

On March 11, 2026, Ufoma Joseph Immanuel was arraigned by the EFCC in Ikeja, Lagos, over an alleged $1.5 million investment fraud. Immanuel was charged alongside his company, Intermediate Investment Holdings Limited, with obtaining by false pretence and forgery.

The EFCC alleges that between April 2022 and October 2023, Immanuel induced Adebisi Adebutu to invest $1.5 million under false pretenses. The investment was purportedly presented as funding for projects linked to Chappal Petroleum Development Company Limited.

Charges and Court Proceedings

According to the EFCC, Immanuel promised reimbursement of the investment along with a development capital fee of $2.25 million. During the arraignment, Immanuel pleaded not guilty to the charges.

Justice Mojisola Dada is presiding over the case, which has drawn attention due to the significant amount involved and the implications for investment practices in Nigeria. The court ordered that Immanuel be remanded in INTERPOL custody pending further investigations.

Future Implications

The case is scheduled for ruling on May 7, 2026. Observers note that the outcome may influence future fraud prosecutions and investment regulations in the country.

Details remain unconfirmed regarding any potential impact on the companies involved, including R28 Holdings Limited and Chappal Energies Mauritius Limited, which are also linked to the alleged fraud.

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