Court has rejected bail and dismissed objections in alleged $1.5m fraud case against Investment Boss Ufoma Immanuel.
NewsOnline Nigeria reports that Justice Mojisola Dada of the Special Offences Court sitting in Ikeja has dismissed the preliminary objections and bail application filed by investment executive Ufoma Joseph Immanuel over an alleged $1.5 million fraud case.
Immanuel, alongside his firm, Intermediate Investment Holdings Limited is facing a two-count charge bordering on obtaining money by false pretence and forgery, filed by the Economic and Financial Crimes Commission.
The anti-graft agency had arraigned the defendant on March 11, 2026, accusing him of allegedly inducing Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under false representations linked to oil and investment ventures.
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According to the EFCC, the defendant allegedly promised that R28 Holdings Limited would be reimbursed the investment sum, paid a development capital fee of $2.25 million, and allocated 22.4 per cent shares in Intermediate Investment Holdings Limited claims the prosecution said were false.
The commission also alleged that Immanuel forged a “Term Sheet” purportedly executed by Sheriff Oluwo and Olaniran Osotuyi to facilitate the transaction.
The defendant, however, pleaded not guilty to the charges.
During proceedings, prosecution counsel, Babatunde Sonoiki, urged the court to remand the defendant in the custody of the INTERPOL pending the conclusion of investigations.
Sonoiki also accused defence counsel, Oluseun Awonuga, SAN, of allegedly assaulting his colleague, Emenike Mgbemele, during an earlier court sitting.
The defence, however, challenged the prosecution’s case through a preliminary objection, arguing that a previous ruling of the Federal High Court restrained the EFCC from arresting the defendant.
Responding, the prosecution maintained that the ruling emanated from a civil matter and did not prevent criminal prosecution.
Delivering her ruling on Thursday, Justice Dada held that the preliminary objection lacked merit and subsequently dismissed it.
“The preliminary objection is baseless and the entire application is lacking in merit; and it is hereby dismissed,” the judge ruled.
On the bail application, the court agreed with the prosecution that the defendant was a flight risk, citing his failure to honour invitations after being granted administrative bail.
“Based on considering the antecedent of the defendant for not honouring the invitation of the applicant after he was granted administrative bail, I agree with the complainant that he is a flight risk; therefore, bail is refused,” Justice Dada held.
The matter was adjourned till June 24, 26, 29 and 30, 2026, for commencement of trial.
