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Wale Igbintade

A Lagos State Special Offences Court sitting in Ikeja yesterday heard that an alleged fraudster, Ifoma Immanuel, and his company, Intermediate Investment Holdings Limited, failed to comply with the terms of an agreement reached with businessman Adebisi Adebutu and his company, R28 Holdings Limited, after receiving a $1.5 million investment.

The evidence was presented before Justice Mojisola Dada during the ongoing trial of Immanuel and his company, who are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a two-count charge of 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 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 secured with assurances that the funds would be reimbursed, a development capital fee of $2.25 million would be paid, and R28 Holdings Limited would receive a 22.41 per cent equity stake in Intermediate Investment Holdings Limited.

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

Led in evidence by the EFCC’s lead counsel, E. E. Iheanacho, SAN, the witness said he subsequently introduced Immanuel to Adebutu after informing the businessman about the proposed investment.

Oluwo testified that during a meeting at Adebutu’s residence, Immanuel requested a loan of $1.5 million to execute the proposed transaction.

According to the witness, Adebutu rejected the loan proposal, insisting instead that the investment should be structured as an equity participation to protect his interest in the event the transaction failed.

He said the parties eventually agreed on a shareholding arrangement under which Intermediate Investment Holdings Limited and Immanuel would jointly retain about 58 per cent equity, while R28 Holdings Limited would acquire approximately 22.41 per cent. Oluwo and Chikezie Evuluchukwu were each to hold 9.49 per cent equity.

The witness further stated that following the agreement, a term sheet documenting the arrangement was prepared by legal practitioner Olaniyi Osoniyi.

However, Oluwo told the court that despite receiving the investment funds, the defendants failed to fulfil their obligations under the agreement.

“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,” the witness told the court.

The EFCC alleged that the offence of obtaining by false pretence contravenes Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The Commission also accused the defendants of forgery, an offence alleged to be contrary to Section 363 and punishable under Section 365 of the Criminal Law of Lagos State, 2015.

After the testimony, Justice Dada adjourned the matter till July 2, 2026, for the inspection of documents and electronic devices tendered in the case.