Alleged $1.5m Fraud: EFCC Presents Two Witnesses Against Ifoma Immanuel
The Economic and Financial Crimes Commission (EFCC) has presented two prosecution witnesses in the ongoing trial of Ifoma Immanuel and his company, Intermediate Investment Holdings Limited, over an alleged $1.5 million fraud before the Lagos State Special Offences Court in Ikeja.
The witnesses, Babatunde Adebayo and Paul Olufemi, testified before Justice Mojisola Dada on June 23 and 24, 2026, respectively.
Immanuel and his company are facing a two-count charge bordering on obtaining by false pretence and forgery involving $1.5 million.
They were arraigned by the EFCC on March 11, 2026, and pleaded not guilty.
According to the EFCC, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million in projects purportedly linked to 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 promises of reimbursement, a development capital fee of $2.25 million and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
Testifying as the first prosecution witness, 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 EFCC counsel, Babatunde Sonoiki, Adebayo said Immanuel approached him in 2022, claiming he had secured an investor willing to fund a business venture.
Read Also: Witness Tells Court How He Transferred $500,000 in Alleged $1.5m Investment Fraud Case
He told the court that the defendant later forwarded payment instructions through WhatsApp, directing that $400,000 be paid into his account in Jersey Island and the remaining $100,000 to another account to be confirmed through associates.
Adebayo said he rejected the request to pay into a personal account and insisted on a corporate account, after which Intermediate Investment Holdings Limited was nominated to receive the funds.
“All proof of payment was sent to Ifoma Immanuel. He gave instructions regarding the transfer and directed me on where the balance should be paid,” the witness testified.
The second prosecution witness, Paul Olufemi, a compliance officer with Providus Bank, told the court that the bank received a request from the EFCC on May 30, 2025, seeking account-opening documents and statements relating to the first defendant.
Led in evidence by prosecuting counsel, E. Iheanacho, SAN, Olufemi said the bank complied by retrieving the requested documents and attaching a certificate of identification duly certified by the bank.
While counsel to the first defendant, Awah Kalu, SAN, did not oppose the admissibility of the documents, counsel to the second defendant, C. E. Wilson Okereke, challenged some of the exhibits, arguing that they were uncertified photocopies and that a certificate of incorporation tendered was a public document requiring proper certification.
Following arguments from both parties, the prosecution withdrew the disputed documents to regularise their status.
Justice Dada subsequently struck out the EFCC’s request letter and Providus Bank’s response letter from the list of exhibits and adjourned the matter until June 29, 2026, for continuation of trial.
