$1.5m Shares Dispute: Group, Family Raise Fresh Alarm Over Threat To Life Of Chappal Energies Boss

By Bukar BOLORI

A civil society organisation, the Initiative for Media Development and Social Impact (IMEDSI), has raised fresh concerns over the safety, medical treatment and custodial conditions of the detained founder and Chief Executive Officer of Chappal Energies, Mr Ufoma Immanuel, who is standing trial over a disputed $1.5 million investment and shareholding transaction.

The group, in a strongly worded statement issued in Abuja on Monday through its spokesperson, Ms. Onose Oseyi, alleged that Immanuel had been handcuffed to his hospital bed at the Lagos State University Teaching Hospital (LASUTH), despite medical advice that he should move around periodically to reduce the risk of blood clots.

IMEDSI said the development had heightened concerns previously raised over an alleged threat to Immanuel’s life, access to his lawyers and family, and compliance with a Federal High Court order directing that he receive medical treatment.

The organisation stressed, however, that its intervention was not intended to determine whether Immanuel was guilty or innocent of the allegations against him, but to draw attention to what it described as fundamental questions concerning his constitutional rights, health and dignity while in custody.

“This is inhuman and degrading treatment for a man who has not been convicted of any offence, and it now stands as a direct threat to his life and health, on top of everything else he has endured,” Oseyi said.

She demanded the immediate removal of the restraint and a public explanation of the authority under which it was imposed.

Immanuel, the founder of Chappal Energies, is facing prosecution before the Lagos State Special Offences Court following allegations by the Economic and Financial Crimes Commission (EFCC) that he and his company, Intermediate Investment Holdings Limited (IIHL), obtained approximately $1.5 million from businessman Adebisi Adebutu and R28 Holdings Limited by false pretences.

IMEDSI said the family’s most serious concern remained an alleged threat to Immanuel’s life.

According to the organisation, the businessman approached the Department of State Services (DSS) in February 2026 to report alleged threats against him by Adebutu, but was subsequently detained by the agency and later transferred to EFCC custody.

The group said the sequence of events required independent clarification.

It further alleged that during a settlement meeting, Adebutu was said to have told members of Immanuel’s family that he would die in Kirikiri if he failed to surrender his shares in the disputed venture.

IMEDSI was careful to state that it was not presenting the allegation as established fact, but argued that the seriousness of the claim warranted an independent investigation.

The organisation added that the family had also brought the matter to the attention of the British High Commission, which reportedly sent a consular official to check on Immanuel’s welfare at the Kirikiri Correctional Centre.

Although Immanuel has now been transferred to LASUTH for treatment pursuant to a Federal High Court order, IMEDSI alleged that his family members and lawyers continued to face restrictions in gaining access to him.

The group also alleged that he had not been permitted to consult privately with his doctors, claiming that correctional officers remained inside or within hearing distance of the consultation room.

It questioned the medical or security justification for custodial officers being present within the consultation space rather than outside it.

The organisation said its demands now extended beyond securing Immanuel’s transfer to hospital to ensuring uninterrupted medical treatment, confidential consultations with doctors, access to family members and legal representatives, and the removal of restraints that conflict with medical advice.

IMEDSI said the case had been adjourned until Thursday, September 10, 2026.

It further alleged that Immanuel had repeatedly been denied bail and, on one occasion, was removed from LASUTH in the middle of the night.

The group said such incidents raised concerns about the application of the presumption of innocence.

“A criminal allegation does not amount to a conviction. Remand does not amount to imprisonment after trial. Custody does not extinguish dignity,” it said.

Beyond the custodial concerns, IMEDSI questioned aspects of the underlying commercial dispute that resulted in the criminal prosecution.

The organisation said it would not attempt to determine the evidence currently before the trial court but argued that the controversy fundamentally arose from a commercial disagreement over shares.

It said the High Court of the Federal Capital Territory and the Federal High Court had previously characterised aspects of the underlying dispute as a civil shareholding matter.

According to the group, the $1.5 million investment was made towards the acquisition of an asset, which was subsequently completed, publicly announced and is reportedly in production, while R28 continues to assert an equity interest arising from the transaction.

The organisation consequently posed a central question for public consideration: if the investment achieved its stated purpose and the investor claims entitlement to shares arising from it, what exactly constitutes the alleged false pretence?

IMEDSI, however, acknowledged that determining the answer remained the responsibility of the trial court.

It also raised questions over the reported use of the same Term Sheet in parallel proceedings in Mauritius.

According to the group, R28 has relied on the Term Sheet in proceedings there to support its claimed shareholding, while the same transaction forms part of the dispute underpinning the Nigerian criminal proceedings.

IMEDSI said the EFCC should explain and reconcile the competing positions.

The organisation also drew attention to a separate corporate dispute involving Chappal Energies Mauritius, in which IIHL reportedly holds a 34.5 per cent interest.

IMEDSI said concerns arose over the timing of a proposed $100 million rights issue advanced while Immanuel was in detention and unable to act on behalf of IIHL.

The group alleged that the proposal, backed by a funding arrangement from R28, could have resulted in R28 obtaining a stake approaching 85 per cent and was considered at a meeting from which IIHL was recused.

The organisation said the Supreme Court of Mauritius had subsequently restrained the transaction pending arbitration.

It questioned whether the timing of the corporate transaction, coming while the founder of the affected company was detained over allegations brought at the instance of a party involved in the underlying commercial dispute, required closer scrutiny.

The allegations concerning the Mauritius transaction are part of the broader corporate dispute and do not, in themselves, establish wrongdoing by any of the parties.

IMEDSI appealed to President Bola Ahmed Tinubu to ensure that Immanuel’s rights and welfare are protected while the judicial process continues.

It also called on the judiciary, EFCC and the Nigerian Correctional Service to ensure strict compliance with court orders and to guarantee appropriate medical care, legal representation, family access and humane custodial treatment.

The group further urged the National Human Rights Commission and other civil society organisations to independently monitor the case.

It cautioned the media and members of the public against turning the dispute into a trial by publicity, stressing that the courts remained the appropriate forum for determining the criminal allegations against Immanuel.

The case therefore presents two distinct but interconnected issues: the determination by the court of whether the EFCC’s allegations have been established, and the obligation of the authorities to ensure that the defendant’s fundamental rights and dignity are protected while he remains in custody.

“No allegation, no commercial dispute and no criminal prosecution should place a Nigerian citizen beyond the protection of the law,” IMEDSI said.

The organisation describes itself as a civil society body focused on governance, human rights, development, peacebuilding and access to justice across Africa.