The Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Immanuel and his company, Intermediate Investment Holdings Limited, over an alleged $1.5 million investment fraud.
Mr Immanuel was brought before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, on Wednesday on a two-count charge of obtaining by false pretence and forgery.
According to the commission, the defendant induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023.
The EFCC stated that the investment was presented as funding for projects linked to Chappal Petroleum Development Company Limited, business development costs for Intermediate Investment Holdings Limited and capital commitments in Chappal Energies Mauritius Limited.
The commission alleged that the defendant promised the investor reimbursement of the investment, a development capital fee of $2.25 million and 22.4 percent shares in Intermediate Investment Holdings Limited.
In the second charge, the EFCC accused Mr Immanuel of forging a document titled “Term Sheet” which it said was presented as having been executed by Sheriff Oluwo and Olaniran Osotuyi.
Immanuel pleaded not guilty to the charges.
Prosecution counsel Babatunde Sonoiki asked the court to set a trial date and requested that the defendant be remanded in the custody of the International Criminal Police Organization pending the completion of investigations.
During the proceedings, the prosecution also alleged that defence counsel Oluseun Awonuga assaulted EFCC counsel Emenike Mgbemele during a previous sitting on March 2 while he attempted to serve the defendant with court documents.
Mr Awonuga did not respond to the allegation but told the court that he had filed a preliminary objection dated January 5.
He argued that the Federal High Court had earlier ordered the EFCC not to arrest the defendant.
The prosecution said the ruling cited by the defence arose from a civil case and did not prevent criminal proceedings.
Justice Dada adjourned the case to May 7 for ruling on the preliminary objection.
The court ordered that the defendant be remanded in INTERPOL custody pending the completion of investigations, after which he will be transferred to a correctional centre while awaiting the hearing of his bail application.
The EFCC said Ufoma Immanuel was arrested by Interpol on March 4 while attempting to leave Nigeria.
