Alleged $1.5m Investment Fraud: Court Remands Ifoma Emmanuel in Kirikiri Correctional Centre

Justice Mojisola Dada of the Lagos State Special Offences Court sitting in Ikeja, on Tuesday, July 7, 2026, ordered the remand of Ifoma Immanuel, Executive Director of Intermediate Investment Holdings Limited, in Kirikiri Correctional Centre for an alleged $1.5 million investment fraud.Investigations revealed that the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million by claiming that the funds would be used to finance projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.The Commission further alleged that the investment was backed by assurances that the funds would be reimbursed, alongside the payment of a $2.25 million development capital fee and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.

The defendant and the company were subsequently arraigned on March 11, 2026, and they pleaded not guilty to the charges.At Tuesday’s proceedings, the fourth prosecution witness (PW4), Sheriff Oluwo, while continuing his testimony and led in evidence by prosecution counsel, Iheanacho Ekele, SAN, and Babatunde Sonoiki, told the court that Immanuel approached him in 2022 to help source investors for an International Oil Companies (IOCs) divestment opportunity.He said he subsequently introduced the defendant to Adebutu after contacting him about the investment opportunity.The witness testified that Immanuel, during a meeting at Adebutu’s residence, presented the investment proposal and requested $1.5 million as a loan.According to Oluwo, Adebutu rejected the proposal as a loan, insisting that he needed an equity stake to protect his investment in the event that the transaction failed.

Oluwo said the parties subsequently negotiated the shareholding structure, under which Intermediate Investment Holdings Limited and Immanuel would hold about 58 per cent equity, R28 Holdings Limited would hold approximately 22.41 per cent, while he and Chikezie Evuluchukwu would each receive 9.49 per cent.He further testified that, following the agreement, a term sheet was prepared by legal practitioner Olaniyi Osoniyi.He, however, stated that despite receiving the investment funds, the defendant failed to comply with the terms of 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,” he said.The court also declined the defendant’s bail application after a medical report from the Lagos State University Teaching Hospital (LASUTH) was presented, citing discrepancies observed in the report.Justice Dada adjourned the matter until November 16, 18 and 19, 2026, for the continuation of trial.

The judge also ordered that the defendant be remanded at the Kirikiri Correctional Centre, Lagos.