A witness for the prosecution, Sheriff Oluwo, stated on Tuesday during proceedings at the Lagos State Special Offences Court in Ikeja that a businessperson named Ifoma Immanuel and his firm, Intermediate Investment Holdings Limited, did not adhere to the conditions outlined in an investment deal involving the supposed victim, Adebisi Adebutu, and his company, R28 Holdings Limited, within an alleged $1.5 million financial deception case.
Immanuel and Intermediate Investment Holdings Limited are facing court proceedings before Judge Mojisola Dada, charged with two offenses: securing funds through deception and forging documents, as brought forward by the Economic and Financial Crimes Commission.
The accused appeared in court on March 11, 2026, and entered a plea of not guilty to the allegations.
As per the EFCC, the accused are said to have persuaded Adebutu and R28 Holdings Ltd to put in $1.5 million, under the false claim that the money would go toward initiatives linked to Chappal Petroleum Development Company Ltd, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Ltd.
The anti-corruption body also claimed that the investment came with guarantees that the money would be returned, along with a $2.25 million development capital charge and granting a 22.4 percent ownership share in Intermediate Investment Holdings Ltd.
As per the EFCC, the offense of acquiring funds through deceitful means violated Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud-Related Offenses Act, 2006, whereas the accusation of forging documents is claimed to breach Section 363 and carries punishment as outlined in Section 365 of the Lagos State Criminal Code, 2015.
As the fourth witness called by the prosecution, Oluwo, under cross-examination from prosecutor E. E. Iheanacho (SAN), along with Babatunde Sonoiki, informed the court that Immanuel contacted him in 2022 seeking assistance in finding investors for an overseas petroleum venture.
Oluwo stated that he later brought Immanuel to meet with Adebutu at the businessperson's home, where the accused submitted the investment plan and asked for a $1.5 million loan.
As per the testimony, Adebutu rejected the loan offer and instead demanded a share of ownership to safeguard his investment if the deal fell through.
He informed the court that the involved parties subsequently reached an agreement regarding a shareholder composition where Intermediate Investment Holdings Limited and Immanuel would possess roughly 58 percent of the shares, R28 Holdings Limited would hold around 22.41 percent, and he along with Chikezie Evuluchukwu would each have 9.49 percent.
Oluwo also stated that a term sheet outlining the agreement was drafted by lawyer Olaniyi Osoniyi.
Nevertheless, he claimed that although he received the financial support, Immanuel did not meet the conditions outlined in the contract.
"The defendant failed to meet his responsibilities as outlined in the contract and has yet to return the $1.5 million received from R28 Holdings Limited up until now," the witness stated in court.
Judge Dada postponed the case until July 2, 2026, to examine papers and digital equipment.
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