1.5m Fraud Trial: Witness Tells Court How Businessman Failed To Keep Investment Deal
Fresh revelations have emerged before a Special Offences Court sitting in Ikeja, Lagos, as a prosecution witness narrated how businessman Ifoma Immanuel allegedly failed to honour terms of a $1.5 million investment agreement linked to an ongoing fraud case.
The court, presided over by Justice Mojisola Dada, heard details of the alleged investment scam involving Ifoma Immanuel and his company, Intermediate Investment Holding Limited, in a case filed by the Economic and Financial Crimes Commission over allegations of fraud and forgery.
The anti-graft agency accused the defendant of obtaining $1.5 million from businessman Adebisi Adebutu and his company, R28 Holdings Limited, through false representation tied to an oil investment deal that later went wrong.
According to the EFCC, the defendants are standing trial on a two-count charge bordering on obtaining money under false pretence and forgery involving the disputed investment sum.
The commission told the court that the defendants allegedly convinced Adebutu and his company to release the funds by claiming the money would be used to finance petroleum-related projects connected to Chappal Petroleum Development Company Limited and affiliated companies.
Prosecutors further alleged that the agreement came with assurances that the investor would be reimbursed, receive a development capital fee of $2.25 million and obtain a 22.4 percent equity stake in Intermediate Investment Holdings Limited.
While giving evidence before the court, prosecution witness Sheriff Oluwo said the defendant approached him in 2022 to help source investors for what was introduced as an international oil investment opportunity.
The witness told the court that he later connected the defendant with Adebutu, after which a meeting was held where Immanuel reportedly requested $1.5 million as a loan for the proposed business transaction.
Oluwo explained that Adebutu rejected the idea of a loan and insisted on obtaining equity ownership in the business to protect his investment if the transaction eventually failed.
He however told the court that despite receiving the funds after both parties reached an agreement and legal documents were prepared, the defendant allegedly failed to fulfil the agreement and has not refunded the $1.5 million, leading Justice Dada to adjourn the matter until July 2, 2026, for inspection of documents and electronic devices.