WITNESS TELLS COURT HOW HE TRANSFERRED $500,000 IN ALLEGED $1.5M FRAUD TRIAL

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By Aishat Momoh. O.

The first prosecution witness in the alleged $1.5 million fraud trial involving Ifoma Immanuel on Monday narrated before a Special Offences Court sitting in Ikeja how he transferred a total of $500,000 into accounts linked to the defendant in the United States and Mauritius.

The witness, Babatunde Adebayo, gave the testimony while being led in evidence by counsel to the Economic and Financial Crimes Commission (EFCC), Babatunde Shonoiki, before Justice Mojisola Dada.

Adebayo, who identified himself as a financial adviser, told the court that sometime in 2022, Immanuel approached him seeking financial assistance, claiming to have secured an investor willing to fund a business venture.

According to the witness, Immanuel later contacted him and forwarded payment advice through WhatsApp relating to funds originating from ABICO Venture.

He told the court that instructions received led to the transfer of $400,000 into a personal account provided by the defendant and domiciled in the United States.

Adebayo further stated that he was directed to seek additional instructions from Sheriff Oluwo and Chikezie Evuluchkwu regarding the remaining $100,000.

According to him, when a corporate account was requested for the balance, Immanuel nominated Intermediate Investment Holdings Limited.

“All proof of payments were sent to Ifoma Immanuel. He gave instructions regarding the $400,000 and directed that Sheriff Oluwo and Chikezie Evuluchkwu provide instructions for the balance of $100,000,” the witness told the court.

The EFCC had, on March 11, 2026, arraigned Immanuel alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining by false pretence and forgery involving $1.5 million.

The anti-graft agency alleged that the defendants induced Adebisi Adebutu of R28 Holdings Limited to invest the funds under the pretext of financing projects associated with Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.

According to the prosecution, the investment was accompanied by assurances of reimbursement, a development capital fee of $2.25 million and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited, representations the EFCC described as false.

In the second count, Immanuel was accused of forging a document identified as a “Term Sheet,” allegedly executed by Sheriff Oluwo and Olaniran Osotuyi to facilitate the alleged fraud.

The defendant pleaded not guilty to all charges.

Justice Dada adjourned the matter until tomorrow for cross-examination of the prosecution witness.