Witness Tells Court How He Transferred $500,000 in Alleged $1.5m Investment Fraud Case
A Lagos court on Monday heard how a businessman entrusted with facilitating an investment allegedly transferred $500,000 into accounts linked to an alleged fraud scheme, believing the funds were meant for a genuine business transaction.
Testifying before the Special Offences Court in Ikeja, the first prosecution witness, Mr. Babatunde Adebayo, recounted how he acted on instructions allegedly given by businessman Ifoma Immanuel, who is standing trial over an alleged $1.5 million fraud.
Led in evidence by counsel to the Economic and Financial Crimes Commission (EFCC), Babatunde Shonoiki, Adebayo told Justice Mojisola Dada that the defendant approached him in 2022 seeking financial assistance for what was presented as an investment opportunity.
According to the witness, Immanuel claimed he had secured an investor willing to commit funds to a business venture and requested his assistance in processing the transaction.
Adebayo told the court that after receiving payment advice through WhatsApp, he transferred $400,000 into Immanuel’s personal account domiciled in the United States and later facilitated the transfer of an additional $100,000 into a corporate account nominated by the defendant.
He said all payment confirmations were forwarded to Immanuel, who allegedly provided instructions on how the funds should be disbursed.
“At the time, the exchange rate was about N600 to one dollar. The defendant told me he had an investor ready to invest in a business project and requested assistance with the transactions,” Adebayo testified.
Read Also: Federal Government Commences Trial of Suspected Terrorists in Abuja
He further stated that while the defendant personally directed the transfer of $400,000, he was instructed to contact other individuals for guidance on the remaining $100,000, which was eventually paid into the account of Intermediate Investment Holdings Limited.
The testimony formed part of the prosecution’s case against Immanuel and his company, Intermediate Investment Holdings Limited, who were arraigned by the EFCC on March 11, 2026, on a two-count charge of obtaining money by false pretence and forgery involving $1.5 million.
The anti-graft agency alleged that the defendants persuaded businessman Adebisi Adebutu and his company, R28 Holdings Limited, to invest funds under the pretext of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
According to the prosecution, the investment was accompanied by assurances that the investor would be reimbursed and receive a development capital fee of $2.25 million, as well as a 22.4 per cent equity stake in Intermediate Investment Holdings Limited. The EFCC maintains that those representations were false.
Immanuel is also accused of forging a document known as a “Term Sheet,” allegedly bearing the signatures of Sheriff Oluwo and Olaniran Osotuyi, to facilitate the transaction.
The defendant has denied all allegations and pleaded not guilty to the charges.
Justice Dada adjourned the matter until Tuesday for the cross-examination of the prosecution witness.
