RismadarVoice Reporters
June 25, 2026
The Economic and Financial Crimes Commission (EFCC) has presented two prosecution witnesses in the trial of Ifoma Immanuel and his company, Intermediate Investment Holdings Limited, over an alleged $1.5 million fraud before the Lagos State Special Offences Court sitting in Ikeja.
The defendants are standing trial before Justice Mojisola Dada on a two-count charge bordering on obtaining by false pretence and forgery.
According to the EFCC, investigations revealed that Immanuel allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million by claiming the funds would finance projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The anti-graft agency alleged that the investment was accompanied by assurances of reimbursement, payment of a $2.25 million development capital fee, and the allotment of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
The defendants pleaded not guilty when they were arraigned by the EFCC’s Lagos Zonal Directorate 1 on March 11, 2026.
Financial Adviser Testifies
At the resumed hearing on Tuesday, the first prosecution witness (PW1), Babatunde Adebayo, a financial adviser, testified that he facilitated the transfer of $500,000 into accounts nominated by the defendant in the United States and Mauritius.
Led in evidence by prosecution counsel Babatunde Sonoiki, Adebayo told the court that Immanuel approached him in 2022 seeking assistance after claiming he had secured an investor interested in financing a business venture.
According to the witness, the defendant subsequently forwarded payment instructions through WhatsApp.
Adebayo testified that Immanuel initially provided his personal bank account in Jersey Island for the receipt of $400,000 and instructed him to contact Sheriff Oluwo and Chikezie Evuluchkwu regarding where the remaining $100,000 should be transferred.
The witness, however, said he declined to transfer the money into a personal account and insisted that the funds be paid into a corporate account.
He told the court that Immanuel thereafter nominated Intermediate Investment Holdings Limited as the recipient of the funds.
According to him, all proof of payment was forwarded to the defendant, who also issued instructions regarding the transfer of the funds.
Providus Bank Official Gives Evidence
The prosecution also called its second witness (PW2), Paul Olufemi, a compliance officer with Providus Bank, who testified on Wednesday.
Led in evidence by prosecution counsel E. E. Iheanacho, SAN, Olufemi told the court that the bank received a request from the EFCC dated May 30, 2025, seeking account-opening documents and statements of accounts relating to the first defendant.
He said the bank retrieved the requested documents, printed them from its records, and attached a duly certified certificate of identification before forwarding them to the EFCC.
During the proceedings, the witness sought to tender the EFCC request letter, the bank’s response, account-opening documents, statements of account, and certificate of identification as exhibits.
While counsel to the first defendant, Awah Kalu, SAN, did not oppose their admissibility, counsel to the second defendant, C. E. Wilson Okereke, objected to some of the documents, arguing that certain photocopies had not been properly certified and that a Certificate of Incorporation sought to be tendered ought to have been duly certified as a public document.
Responding, prosecution counsel Iheanacho argued that the documents originated from Providus Bank, which had lawful custody of them, and that the witness was competent to tender them as certified bank records.
To avoid delay, the prosecution subsequently withdrew the disputed documents for regularisation.
Justice Dada granted the application and struck out the EFCC request letter and Providus Bank’s response letter from the list of exhibits.
The matter was adjourned until June 29, 2026, for continuation of the trial.
The allegations against the defendants remain before the court, and they are presumed innocent unless and until proven guilty.
