The Lagos State Special Offences Court sitting in Ikeja has ordered the remand of Ifoma Immanuel, Executive Director of Intermediate Investment Holdings Limited, at the Kirikiri Correctional Centre over an alleged $1.5 million investment fraud.
Justice Mojisola Dada gave the order on Tuesday after refusing the defendant’s bail application during the continuation of his trial.
Immanuel and Intermediate Investment Holdings Limited were arraigned before the court on March 11, 2026, on charges bordering on alleged investment fraud. They pleaded not guilty to the charges.
According to the prosecution, investigations revealed that Immanuel allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million after representing that the funds would be used to finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
The prosecution further alleged that the investment was secured with assurances that the funds would be repaid, together with a development capital fee of $2.25 million and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
At Tuesday’s proceedings, the fourth prosecution witness, Sheriff Oluwo, told the court that Immanuel approached him in 2022 to help source investors for an International Oil Companies divestment opportunity.
Led in evidence by prosecution counsel, Iheanacho Ekele, SAN, and Babatunde Sonoiki, the witness said he later introduced Immanuel to Adebutu after informing him about the investment opportunity.
Oluwo testified that Immanuel subsequently presented the investment proposal during a meeting at Adebutu’s residence and requested $1.5 million as a loan.
He said Adebutu rejected the proposal as a loan and insisted on acquiring an equity stake to protect his investment in the event that the transaction failed.
According to the witness, the parties later agreed on a shareholding structure under which Intermediate Investment Holdings Limited and Immanuel would jointly hold about 58 per cent equity, R28 Holdings Limited would own about 22.41 per cent, while Oluwo and Chikezie Evuluchukwu would each receive 9.49 per cent.
Oluwo further told the court that following the agreement, a term sheet was prepared by legal practitioner Olaniyi Osoniyi.
He, however, alleged that despite receiving the investment funds, Immanuel failed to honour the agreement.
“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,” the witness told the court.
Justice Dada also refused the defendant’s bail application after a medical report from the Lagos State University Teaching Hospital was presented to the court.
The judge cited discrepancies observed in the medical report before declining the application.
She thereafter adjourned the matter to November 16, 18 and 19, 2026, for continuation of trial and ordered that Immanuel be remanded at the Kirikiri Correctional Centre pending further proceedings.
