Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
The trial of a businessman accused of defrauding an investor of $1.5 million took a significant turn on Monday, June 29, 2026, as a prosecution witness told a Lagos court that N305 million linked to the alleged fraud was transferred in multiple tranches within a single day. The Economic and Financial Crimes Commission (EFCC) continued its prosecution of Ifoma Immanuel and his company, Intermediate Investment Holdings Limited, before Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja.
The EFCC presented its third prosecution witness, Levi Amanda Opice, a Compliance Officer with Guaranty Trust Bank, who testified about account transactions connected to the alleged fraud. The witness told the court that ABICO Plc transferred a total of N305 million to the Providus Bank account of 107 Global Limited through four separate transactions, comprising three payments of N100 million each and an additional N5 million. The account belonged to a Bureau De Change operator, who allegedly handed the funds over to the defendants.
According to the EFCC, Immanuel allegedly induced businessman Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million between April 2022 and October 2023. The prosecution claims the defendant represented that the funds would be used to finance petroleum-related projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited. The investment was backed by assurances of reimbursement, 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 — representations the EFCC alleges were false.
The witness also testified that GTBank received a letter from the EFCC dated May 30, 2025, requesting the statement of account and account opening documents for ABICO Plc. The bank complied with the request, and its response dated October 16, 2025, along with the account opening package, was tendered before the court and admitted as exhibits.
Earlier in the proceedings, the prosecution recalled its second witness, Paul Olufemi, a Compliance Officer with Providus Bank, to conclude his testimony. Through the witness, the prosecution tendered several banking documents, including the EFCC's request to the bank and supporting records. Although the defence challenged the admissibility of the documents, Justice Dada overruled the objection and admitted them into evidence.
The defendants were arraigned on March 11, 2026, and pleaded not guilty to the charges. Immanuel is also facing allegations of forging a document described as a "Term Sheet" purportedly executed by Sheriff Oluwo and Olaniran Osotuyi to facilitate the alleged fraud. The case has generated debate in legal and business circles, as the same transaction is reportedly the subject of ongoing proceedings before the Supreme Court of Mauritius. Following the proceedings, Justice Dada adjourned the case until June 30, 2026, for the continuation of the trial.
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