Loading ...LAGOS, NIGERIA — The Lagos State Special Offences Court sitting in Ikeja has ordered the immediate remand of Ifoma Immanuel, the Executive Director of Intermediate Investment Holdings Limited, at the Kirikiri Correctional Centre over his alleged involvement in a high-profile $1.5 million investment fraud.
Presiding Judge, Justice Mojisola Dada, issued the remand order on Tuesday, July 7, 2026, after rejecting the defendant’s bail application due to suspicious discrepancies found in a medical report presented from the Lagos State University Teaching Hospital (LASUTH).
The high-stakes prosecution, spearheaded by the Economic and Financial Crimes Commission (EFCC), accuses Immanuel of utilizing fake oil divestment opportunities to fleece prominent Nigerian investors.
The $1.5 Million Deception
According to detailed court filings and investigative briefs, Immanuel allegedly induced Adebisi Adebutu, the mastermind behind R28 Holdings Limited, to part with the sum of $1.5 million.
The defendant reportedly convinced Adebutu that the multi-million dollar capital would be directly deployed to finance lucrative oil and gas projects tied to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
To sweeten the deal and seal the transaction, Immanuel allegedly gave ironclad assurances that the principal investment would not only be fully reimbursed, but would also yield a massive $2.25 million development capital fee alongside the allocation of a plum 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
However, despite receiving the $1.5 million in full, the defendant allegedly breached every term of the agreement and failed to return a single dollar to the investor. Immanuel and his firm were subsequently arraigned on March 11, 2026, where they both pleaded not guilty to the fraud charges.
How the Trap Was Set
During Tuesday’s explosive court proceedings, the fourth prosecution witness (PW4), Sheriff Oluwo, took the stand to give a detailed, insider account of how the transaction was brokered.
Led in evidence by EFCC prosecution counsel Iheanacho Ekele, SAN, and Babatunde Sonoiki, Oluwo confessed that Immanuel originally approached him in 2022 to act as a middleman to hunt for wealthy investors capable of backing an International Oil Companies (IOCs) divestment opportunity.
Oluwo testified that he subsequently initiated contact with Adebutu and organized a high-level meeting at Adebutu’s private residence, where Immanuel personally pitched the investment proposal and initially begged for the $1.5 million as a direct loan.
| Negotiation Layer | Original Proposal vs. Final Term Sheet Agreement |
| Initial Request | Immanuel requested the $1.5 million strictly as a corporate loan. |
| Investor’s Counter | Adebutu rejected the loan model, demanding equity to shield his capital if the deal collapsed. |
| Final Equity Split | Immanuel & firm: 58%; R28 Holdings: 22.41%; Oluwo & Chikezie Evuluchukwu: 9.49% each. |
Oluwo further told the court that after the intensive shareholding structure was negotiated, a formal term sheet was legally prepared by an attorney, Olaniyi Osoniyi. Yet, the moment the funds hit the designated accounts, the contract was completely abandoned.
“The defendant did not fulfil his obligations under the agreement and has not refunded the $1.5 million paid by R28 Holdings Limited to this day,” Oluwo testified under oath.
Bail Denied; Trial Extended to Late 2026
The defense team’s desperate attempt to secure bail for the embattled executive on health grounds suffered a fatal blow after Justice Dada scrutinized the medical papers brought from LASUTH and detected irreconcilable contradictions in the document.
Refusing to let the defendant return home, Justice Dada adjourned the criminal matter until November 16, 18, and 19, 2026, for the continuation of the trial.
Per the explicit orders of the judge, Immanuel will remain locked behind bars at the Kirikiri Correctional Centre as the anti-graft agency moves to wrap up its remaining witness testimonies in late 2026.
