Nigeria’s EFCC Charges IIHL CEO Ufoma Immanuel with $1.5 Million Investment Fraud

The Economic and Financial Crimes Commission (EFCC) has charged Ufoma Joseph Immanuel, the managing director of Intermediate Investment Holdings Limited (IIHL), with forgery and false pretence over a purported $1.5 million capital injection. Prosecutors allege Immanuel fabricated a term sheet promising a $2.25 million development fee and a 22.4% equity stake to secure the investment from R28 Holdings and its founder Adebisi Adebutu. The forged document is also at the centre of a civil lawsuit in the Supreme Court of Mauritius, where Adebutu is seeking enforcement of the alleged equity share.

Immanuel has been detained since his arraignment in March 2026, and a Lagos State Special Offences Court has repeatedly denied his bail applications. Earlier, a Federal Capital Territory High Court had issued an injunction to prevent the EFCC from arresting him while the civil dispute was being resolved, highlighting a clash between criminal and civil proceedings across two jurisdictions.