Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja has ordered the remand of the Executive Director of Intermediate Investment Holdings Limited, Ifoma Immanuel, at the Kirikiri Correctional Centre over an alleged $1.5 million investment fraud.
Immanuel is standing trial on charges brought by the Economic and Financial Crimes Commission (EFCC), which accused him of inducing R28 Holdings Limited to invest $1.5 million under false pretences.
According to the EFCC, the defendant allegedly persuaded the company’s Chairman, Adebisi Adebutu, to invest the funds by claiming they would be used to finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
The commission alleged that the investment was backed by assurances that the money would be refunded, alongside the payment of a $2.25 million development capital fee and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
Immanuel and his company were arraigned on March 11, 2026, and pleaded not guilty to the charges.
At the resumed hearing on Tuesday, the fourth prosecution witness, Sheriff Oluwo, told the court that Immanuel approached him in 2022 to help source investors for an International Oil Companies (IOC) divestment opportunity.
Led in evidence by prosecution counsel, Iheanacho Ekele (SAN) and Babatunde Sonoiki, the witness said he subsequently introduced Immanuel to Adebutu after informing him about the investment opportunity.
Oluwo testified that during a meeting at Adebutu’s residence, Immanuel presented the investment proposal and requested $1.5 million as a loan.
He said Adebutu declined the request, insisting on acquiring an equity stake to protect his investment should the transaction fail.
According to the witness, the parties later agreed on a shareholding structure under which Intermediate Investment Holdings Limited and Immanuel would own about 58 per cent equity, R28 Holdings Limited would hold approximately 22.41 per cent, while he and Chikezie Evuluchukwu would each receive 9.49 per cent.
Oluwo further told the court that a term sheet reflecting the agreement was prepared by legal practitioner Olaniyi Osoniyi.
However, he alleged that despite receiving the investment funds, Immanuel failed to fulfil the terms of 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 to this day,” he told the court.
Justice Dada also dismissed the defendant’s bail application after a medical report presented from the Lagos State University Teaching Hospital (LASUTH) raised concerns over discrepancies identified by the court.
The judge adjourned the case until November 16, 18 and 19, 2026, for the continuation of trial and ordered that Immanuel be remanded at the Kirikiri Correctional Centre.