Alleged $1.5m Fraud: EFCC Presents Two Witnesses Against Defendant in Lagos
The Economic and Financial Crimes Commission, EFCC, on Tuesday, 23 and Wednesday, 24 June, 2026 presented two prosecution witnesses, PW1, Babatunde Adebayo, and PW2, Paul Olufemi, in the trial of Ifoma Immanuel, who is facing charges an alleged $1.5 million fraud before Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja.
Investigations revealed that the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the guise of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
According to investigations , the investment was accompanied by assurances of reimbursement, a development capital fee of $2.25 million, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
Following the conclusion of investigations, the EFCC’s Lagos Zonal Directorate 1 arraigned Immanuel and his company, Intermediate Investment Holdings Limited, on March 11, 2026, on a two-count charge bordering on obtaining by false pretence and forgery involving $1.5 million.
The defendants pleaded not guilty to the charges.
At the resumed hearing on Tuesday, June 23, 2026, PW1, led in evidence by prosecution counsel, Babatunde Sonoiki, told the court how he facilitated the transfer of $500,000 into accounts nominated by the defendant in the United States and Mauritius.
Adebayo, a financial adviser, testified that in 2022, Immanuel approached him seeking financial assistance, claiming that he had secured an investor interested in funding a business venture.
“The defendant informed me that he had an investor willing to invest in a business. At that time, the exchange rate was about N600 to one US dollar,” he told the court.
He further stated that the defendant later sent payment instructions via WhatsApp, including details relating to a total sum of $500,000.
According to him, Immanuel provided his personal bank account details in Jersey Island, where $400,000 was to be credited, and directed him to confirm from Sheriff Oluwo and Chikezie Evuluchkwu where the remaining $100,000 should be sent.
“He forwarded his personal bank details in Jersey Island, where the sum of $400,000 was to be credited. He also directed me to confirm from Sheriff Oluwo and Chikezie Evuluchkwu where the balance of $100,000 should be sent,” he said.
Adebayo added that although the defendant initially requested that the funds be transferred into his personal account, he declined and insisted on a corporate account.
“We requested a corporate account, and the defendant nominated Intermediate Investment Holdings Limited. All proof of payment was sent to Ifoma Immanuel. He gave instructions regarding the $400,000 transfer and directed me to contact Sheriff Oluwo and Chikezie Evuluchkwu concerning the balance of $100,000,” he testified.
The prosecution also called PW2, Paul Olufemi, a compliance officer with Providus Bank, who testified on Wednesday, June 24, 2026.
Olufemi, led in evidence by another prosecuting counsel E. E. Iheanacho, SAN, told the court that he had worked in the bank’s compliance department for about four years and regularly interfaced with law enforcement agencies, including the EFCC.
He stated that Providus Bank received a letter from the EFCC on May 30, 2025, requesting account-opening documents and statements of accounts relating to the first defendant.
“We received the request and, after scrutinising it, retrieved and printed the account-opening documents and statements of account from our records. We also attached a certificate of identification duly certified by the bank,” he said.
The witness identified the EFCC request letter, the bank’s covering letter, the certificate of identification, account-opening documents, and statements of account, and sought to tender them as exhibits.
Counsel to the first defendant, Awah Kalu, SAN, raised no objection to the documents being admitted in evidence.
However, counsel to the second defendant, C. E. Wilson Okereke, objected to the admissibility of some of the documents, arguing that they were photocopies that had not been duly certified by the EFCC.
He further contended that the Certificate of Incorporation of 107 Global Ventures, being a public document, ought to have been properly certified before being tendered.
In response, prosecution counsel Iheanacho, SAN, argued that the documents originated from Providus Bank, which had custody of them, and that the witness, being a bank official, was competent to tender them. He further submitted that the documents were original bank records accompanied by the bank’s certification and covering letter.
Following the objections, the prosecution opted to withdraw the disputed documents to regularise their status.
Justice Dada subsequently granted the application, striking out the EFCC request letter and the Providus Bank response letter from the list of exhibits.
The matter was adjourned until June 29, 2026, for the continuation of trial.
