$2.5m Terrorism Financing: EFCC Files 12-Count Charge against Bello Bodejo
• Controversy trails anti-graft agency’s prosecution of IIHL boss, Immanuel
Alex Enumah in Abuja and Wale Igbintade in Lagos
The Economic and Financial Crimes Commission (EFCC) is set to arraign Mr Bello Bodejo, over allegations bordering on terrorism financing and money laundering to the tune of $2.530 million.
This is following the filing of a 12-count charge on Monday, before the Federal High Court, Abuja, wherein Bodejo is been alleged to have received and had in his possession large sums of cash in foreign currency, “linked to proceeds of unlawful activities” in contravention of the Money Laundering( Prevention & Prohibition) Act, 2011.
A statement by the Head, Media and Publicity, EFCC, Mr Dele Oyewale, disclosed that Bodejo, alleged to be connected with Bauchi State Governor, Bala Mohammed, is expected to take his plea before the court in the coming days as the commission commences formal proceedings.
Bodejo was in count one of the charges alleged to have on or about January 11, 2022, in Abuja, knowingly and willfully, without lawful authority or excuse, accept a payment of the sum of $100,000 in physical currency from one Sa’idu Abubakar, a former Accountant-General of Bauchi State.
It said Abubakar is currently in the lawful custody of the Nigerian Police Force, having exceeded the statutory cash transaction threshold of N5,000,000.00, prescribed under Section 1(a) of the Money Laundering (Prohibition) Act, 2011 (as amended) without routing the said transaction through a financial institution as required by law.
He was said to have thereby committed an offence contrary to Section 16(1)(d) of the Money Laundering Prohibition) Act, 2011 (as amended) and punishable under Section 16(2)(b) of the same Act.
He was in another count alleged to have on March 20, 2024, received $500,000 in physical cash from the same source, an amount said to have exceeded the legal cash transaction threshold prescribed under the Money Laundering (Prevention and Prohibition) Act, 2022.
According to count 10, Bodejo allegedly took possession of $980,000 in Abuja on or about February 7, 2024, under circumstances in which he either knew, or reasonably ought to have known, that the funds were proceeds of unlawful activity, specifically money laundering.
The conduct allegedly constitutes an offence under Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and is punishable under Section 18(3) of the same Act.
All the alleged offences are punishable under various provisions of the Money Laundering (Prohibition) Act, 2011 (as amended), and the Money Laundering (Prevention and Prohibition) Act, 2022.
Meanwhile, controversy has continued to trail the prosecution of the Managing Director of Intermediate Investment Holdings Limited (IIHL), Mr. Ufoma Immanuel, by the EFCC, amid claims that the dispute at the centre of the case arose from a commercial transaction between business partners and is the subject of parallel proceedings in a foreign jurisdiction.
Immanuel, who is also the Managing Director of Chappal Energy, was arraigned alongside his company, IIHL, before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on March 11, 2026.
The EFCC charged him on a two-count allegation bordering on obtaining by false pretence and forgery involving an investment transaction valued at $1.5 million.
The prosecution followed a petition reportedly submitted to the anti-graft agency by businessman Adebisi Adebutu, owner of R28 Holdings Limited. The dispute relates to a business arrangement involving investment in IIHL and the acquisition of equity interests connected with the company’s operations and affiliated entities.
According to the EFCC, Immanuel allegedly induced Adebutu and R28 Holdings to invest $1.5 million in IIHL between April 2022 and October 2023 for purposes including investments in Chappal Petroleum Development Company Limited, business development costs in IIHL and capital calls in Chappal Energies Mauritius Limited.
The Commission further alleged that the defendant represented that the investment would entitle Adebutu and his company to reimbursement, a development capital fee of $2.25 million and a 22.4 per cent equity stake in IIHL.
The EFCC contended that those representations were false and formed part of the basis for the criminal charges.
In addition, the anti-corruption agency accused Immanuel of forging a term sheet by allegedly inserting the signatures of two individuals, Sheriff Oluwo and Olaniran Osatuyi, in order to induce the investment. Immanuel has denied wrongdoing.
The prosecution has, however, generated debate in legal and business circles because the same transaction is reportedly the subject of ongoing proceedings before the Supreme Court of Mauritius involving IIHL, Immanuel, Ocorian (Mauritius) Limited, R28 Holdings and Adebutu.
According to documents relating to the Mauritius proceedings, R28 Holdings and Adebutu are seeking recognition of a 22.4 per cent shareholding interest in IIHL allegedly arising from the same transaction and term sheet that forms part of the allegations in the Nigerian criminal case.
It was alleged that the existence of the Mauritius proceedings demonstrated that the dispute is fundamentally a commercial and shareholding disagreement between business partners rather than a criminal matter.
They also contend that the claim for equity participation in Mauritius appears inconsistent with allegations that the underlying transaction was invalid.
Another issue that has attracted attention is an order reportedly issued by the High Court of the Federal Capital Territory on September 11, 2025.
The court, presided over by Justice Josephine Obanor, is said to have granted an interlocutory injunction restraining the EFCC and other respondents from inviting, questioning, arresting, detaining or otherwise taking action against Immanuel and Chappal Energies pending the determination of the suit before it.
Lawyers acting for Immanuel have maintained that despite the subsisting order, the EFCC proceeded with investigations, declared him wanted and subsequently arraigned him before the Lagos court.
They argued that these actions raised concerns about compliance with judicial orders and due process. The EFCC has yet to publicly respond to those specific allegations.
In an application dated March 5, 2026, Immanuel’s counsel urged the court to admit him to bail on liberal terms, arguing that he is a prominent participant in the oil and gas sector with established business interests and is not a flight risk.
The defence further noted that he voluntarily appeared before the court after becoming aware of the charges.
Justice Dada, however, dismissed the defendant’s preliminary objections and bail application in a ruling delivered on May 7, 2026.
Subsequent bail applications have also been unsuccessful, leaving the IIHL boss to continue facing trial while in custody.