The ongoing trial of businessman Ifoma Immanuel and his company, Intermediate Investment Holdings Limited, took a significant turn at the Lagos State Special Offences Court in Ikeja, as details emerged of how N305 million was moved in multiple tranches within a single day.
The Economic and Financial Crimes Commission (EFCC) is prosecuting Immanuel before Justice Mojisola Dada over an alleged $1.5 million fraud scheme.
High-Value Tranches Revealed
At the resumption of proceedings on Monday, June 29, 2026, the prosecution’s third witness (PW3), Levi Amanda Opice, a Compliance Officer with Guaranty Trust Bank (GTBank), provided crucial testimony tracking the flow of funds. Led in evidence by lead prosecution counsel E. E. Iheanacho, SAN, alongside Babatunde Sonoiki, Opice revealed that N305 million was rapidly transferred from the account of ABICO Plc—a company operated by investor Adebisi Adebutu.
The money was reportedly moved in four distinct tranches within a 24-hour window to a Providus Bank account belonging to 107 Global Limited.
- Three separate transfers of N100 million each
- One final transfer of N5 million
According to the witness, 107 Global Limited was operated by a Bureau De Change (BDC) operator, who subsequently channeled the funds to the defendants.
Opice further confirmed that GTBank complied with an EFCC investigative request originally dated May 30, 2025. The bank’s formal response on October 16, 2025, alongside ABICO Plc’s account opening documentation, was successfully tendered and admitted as exhibits by the court.
Defence Objections Overruled
Earlier in the session, the prosecution recalled its second witness (PW2), Paul Olufemi, a Compliance Officer with Providus Bank, to conclude his testimony.
The prosecution moved to tender a wave of financial documents linking the defendants to the transactions. Although the defence counsel fiercely objected to their admissibility—arguing there was no definitive proof of payment—Justice Dada overruled the objection, formally admitting the EFCC’s request letters, Providus Bank’s responses, and all accompanying attachments into evidence.
Background of the Alleged Scam
The legal battle stems from a two-count charge involving forgery and obtaining money under false pretences. Immanuel and Intermediate Investment Holdings Limited were originally arraigned on March 11, 2026, where they pleaded not guilty.
The EFCC alleges that Immanuel deceptively induced Adebisi Adebutu of R28 Holdings Limited into investing $1.5 million. The defendant allegedly claimed the capital would finance high-yield projects tied to:
- Chappal Petroleum Development Company Limited
- Intermediate Investment Holdings Limited
- Chappal Energies Mauritius Limited
To seal the deal, the victim was allegedly promised full reimbursement of the principal, a $2.25 million development capital fee, and a 22.4% equity stake in Intermediate Investment Holdings Limited.
Justice Dada has adjourned the matter until June 30, 2026, for the continuation of the trial.
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
