Admin I Tuesday, June 23, 2025
LAGOS — A financial advisor has detailed how hundreds of thousands of dollars were wired into international bank accounts across the United States and Mauritius, as the trial of an alleged fraudster accused of a $1.5 million (£1.2 million) scam opened in Lagos.
Appearing as the first prosecution witness before the Special Offences Court in Ikeja, Babatunde Adebayo narrated how the defendant, Ifoma Immanuel, allegedly orchestrated a web of illicit transactions using personal and corporate accounts.
Led in evidence by Babatunde Shonoiki, counsel for Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), Mr Adebayo explained that the scheme began in 2022.
”The defendant approached me stating that he needed financial assistance because he had an investor ready to put money into a business,” Mr Adebayo told the presiding judge, Justice Mojisola Dada. “The exchange rate at the time was 600 Naira to one US dollar.”
The witness testified that Mr Immanuel later used WhatsApp to forward payment advices totalling $105,000 from an entity named ABICO Venture. Further instructions allegedly followed, leading to $400,000 being credited to Mr Immanuel’s personal bank account at Jessey Island.
According to the prosecution, a corporate account under the name Intermediate Investment Holdings Limited was subsequently set up to receive a balance of $100,000, following consultations with two associates, Sheriff Oluwo and Chikezie Evuluchkwu.
”All proof of payments were sent to Ifoma Immanuel,” Mr Adebayo added.
The EFCC arraigned Mr Immanuel alongside his company, Intermediate Investment Holdings Limited, on March 11, 2026. Both face a two-count charge bordering on obtaining money by false pretence and forgery.
The prosecution alleges that the defendants induced Adebisi Adebutu of R28 Holdings Limited to part with $1.5 million under the guise of financing lucrative energy projects. The investments were supposedly tied to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and
To secure the funds, Mr Immanuel allegedly promised the investor full reimbursement, a “development capital fee” of $2.25 million, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited—representations the EFCC claims were entirely fabricated.
Furthermore, the prosecution has accused Mr Immanuel of forging a crucial “Term Sheet” document, purportedly signed by business figures Sherrif Oluwo and Olaniran Osotuyi, to legitimise the fraudulent venture.
The actions are said to contravene Nigeria’s Advance Fee Fraud and Other Fraud Related Offences Act 2006, alongside the Criminal Law of Lagos State 2015.
Mr Immanuel has pleaded not guilty to all charges. The trial, which highlights ongoing international scrutiny over cross-border financial crime and West African investment schemes, has been adjourned for the cross-examination of the primary witness.
