ALLEGED $1.5M INVESTMENT FRAUD: WITNESS TELLS COURT IFOMA IMMANUEL FAILED TO HONOUR AGREEMENT

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By Aishat Momoh. O.

A prosecution witness on Monday told a Special Offences Court sitting in Ikeja, Lagos, that businessman Ifoma Immanuel and his company, Intermediate Investment Holdings Limited, failed to honour the terms of an investment agreement after receiving $1.5 million from businessman Adebisi Adebutu and his firm, R28 Holdings Limited.

The case, before Justice Mojisola Dada, is being prosecuted by the Economic and Financial Crimes Commission (EFCC), which has arraigned Immanuel and his company on a two-count charge bordering on obtaining money by false pretence and forgery involving the sum of $1.5 million.

The defendants were arraigned on March 11, 2026, and pleaded not guilty to the charges.

According to the EFCC, the defendants allegedly induced Adebutu and R28 Holdings Limited to invest $1.5 million by representing that the funds would finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.

The anti-graft agency alleged that the investment was backed by assurances that the investors would be reimbursed, receive a development capital fee of $2.25 million and be allotted a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.

Testifying as the fourth prosecution witness (PW4), Sheriff Oluwo told the court that Immanuel approached him in 2022 to source investors for what was presented as a foreign oil investment opportunity.

Led in evidence by the EFCC’s counsel, E. E. Iheanacho, SAN, alongside Babatunde Sonoiki, the witness said he subsequently introduced Immanuel to Adebutu during a meeting at the latter’s residence, where the defendant presented the investment proposal and requested a $1.5 million loan.

Oluwo told the court that Adebutu declined the loan arrangement, insisting instead on acquiring an equity stake in the business to protect his investment in the event the transaction failed.

According to the witness, the parties eventually agreed on a shareholding structure under which Intermediate Investment Holdings Limited and Immanuel would hold about 58 per cent equity, R28 Holdings Limited would own approximately 22.41 per cent, while he and Chikezie Evuluchukwu would each hold 9.49 per cent.

He added that the agreement was formalised through a term sheet prepared by legal practitioner Olaniyi Osoniyi.

The witness, however, alleged that despite receiving the investment funds, Immanuel failed to fulfil the terms of the agreement and had not refunded the $1.5 million invested by R28 Holdings Limited.

“The defendant did not fulfil his obligations under the agreement and has not refunded the $1.5 million paid by R28 Holdings Limited till today,” Oluwo told the court.

According to the charge, the alleged obtaining by false pretence is contrary to Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, while the forgery charge is alleged to be contrary to Section 363 and punishable under Section 365 of the Criminal Law of Lagos State, 2015.

Justice Dada subsequently adjourned the case until July 2, 2026, for the inspection of documents and electronic devices.