Alleged $1.5m fraud: EFCC Presents 2 Witnesses Against

The Economic and Financial Crimes Commission (EFCC) has presented two prosecution witnesses in the ongoing trial of a businessman, Ifoma Immanuel over an alleged $1.5 million fraud before the Lagos State Special Offences Court sitting in Ikeja.

Immanuel and his company, Intermediate Investment Holdings Limited, are standing trial before Justice Mojisola Dada on a two-count charge bordering on obtaining by false pretence and forgery.

Key Highlights:

According to the anti-graft agency, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the pretext of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.

The EFCC alleged that the investment was secured with assurances of reimbursement, a development capital fee of $2.25 million and a 22.4 percent equity stake in Intermediate Investment Holdings Limited.

The defendants were arraigned on March 11, 2026, by the EFCC’s Lagos Zonal Directorate 1 and pleaded not guilty to the charges.

At the resumed hearing, the first prosecution witness, Babatunde Adebayo, a financial adviser, told the court that he facilitated the transfer of $500,000 to accounts nominated by the defendant in the United States and Mauritius.

Led in evidence by prosecuting counsel,bBabatunde Sonoiki, Adebayo testified that Immanuel approached him in 2022, seeking financial assistance, claiming he had secured an investor interested in funding a business venture.

He said the defendant subsequently sent payment instructions through WhatsApp, detailing how the funds were to be disbursed.

According to the witness, Immanuel provided personal bank account details in Jersey Island for the transfer of $400,000 and directed him to liaise with Sheriff Oluwo and Chikezie Evuluchkwu on where the remaining $100,000 should be sent.

Adebayo further told the court that although the defendant initially requested that the funds be paid into his personal account, he insisted on a corporate account.

He said Intermediate Investment Holdings Limited was eventually nominated as the recipient of the funds, adding that all payment confirmations were forwarded to the defendant.

On Wednesday, the prosecution called its second witness, Paul Olufemi, a compliance officer with Providus Bank.

While being led in evidence by prosecuting counsel E. E. Iheanacho (SAN), Olufemi told the court that the bank received a letter from the EFCC on May 30, 2025, requesting account-opening documents and statements relating to the first defendant.

The witness said the bank retrieved the requested documents from its records, printed them and attached a certificate of identification duly certified by the bank.

Olufemi identified the EFCC request letter, the bank’s response, account-opening documents, statements of account and certificate of identification, and sought to tender them as exhibits.

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Counsel to the first defendant, Awah Kalu (SAN), did not oppose the admissibility of the documents.

However, counsel to the second defendant, C. E. Wilson Okereke, objected to some of the documents, arguing that they were photocopies that had not been properly certified by the EFCC.

He also contended that the Certificate of Incorporation of 107 Global Ventures, being a public document, ought to have been duly certified before being tendered in evidence.

Responding, Iheanacho argued that the documents were original records in the custody of Providus Bank and that the witness was competent to tender them.

Following the objections, the prosecution applied to withdraw the disputed documents to regularise their status.

Justice Dada granted the application and struck out the EFCC request letter and the bank’s response letter from the list of exhibits.

The case was adjourned till June 29 for continuation of trial.