Emmanuel Thomas I Tuesday, June 30, 2026
IKEJA, Lagos – A prosecution witness, Sheriff Oluwo, on Tuesday, narrated before an Ikeja Special Offences Court how a businessman, Ifoma Immanuel, and his company, Intermediate Investment Holding Limited, allegedly breached the terms of a $1.5 million investment agreement.
Immanuel and his firm are being prosecuted by the Economic and Financial Crimes Commission (EFCC) before Justice Mojisola Dada on a two-count charge bordering on obtaining money by false pretence and forgery.
The anti-graft agency alleged that the defendants defrauded another businessman, Adebisi Adebutu, and his company, R28 Holdings Limited, under the guise of financing projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
Testifying as the fourth prosecution witness (PW4), Oluwo, while being led in evidence by the EFCC counsel, E. E. Iheanacho (SAN) and Babatunde Sonoiki, explained that the transaction began in 2022 when Immanuel approached him to source investors for a foreign oil project.
Oluwo told the court that he subsequently introduced the defendant to Adebutu, leading to a meeting at Adebutu’s residence where Immanuel initially requested the $1.5 million as a loan.
According to the witness, Adebutu rejected the loan proposal, insisting instead on securing an equity stake in the venture to safeguard his funds in the event that the transaction failed.
He testified that the parties eventually settled on a shareholding structure where Intermediate Investment Holdings Limited and Immanuel would hold about 58 per cent equity, R28 Holdings Limited would own approximately 22.41 per cent, while himself and one Chikezie Evuluchukwu would hold 9.49 per cent each.
Oluwo added that a legal practitioner, Olaniyi Osoniyi, subsequently drew up a term sheet based on the agreed structure.
The witness, however, lamented that the defendant failed to honor his end of the bargain after receiving the money.
”The defendant did not fulfil his obligations under the agreement and has not refunded the $1.5 million paid by R28 Holdings Limited till today,” Oluwo stated.
According to the EFCC, the offense of obtaining money by false pretence violates Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. The forgery charge is said to contract Section 363 and is punishable under Section 365 of the Criminal Law of Lagos State, 2015.
Justice Dada adjourned the case until July 2, 2026, for the inspection of documents and electronic devices.
The defendants, Ifoma Immanuel and Intermediate Investment Holding Limited, were originally arraigned by the EFCC on March 11, 2026, where they pleaded not guilty to both counts.
The prosecution’s case rests on claims that the defendants induced the nominal complainant, Adebisi Adebutu, with promises of a lucrative oil sector investment.
To sweeten the deal, the defendants allegedly gave assurances of total reimbursement, 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—none of which have reportedly materialized.