The Lagos State Special Offences Court 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 issued the order on Tuesday after rejecting the defendant’s application for bail during the continuation of his ongoing trial.
According to the prosecution, Immanuel allegedly persuaded Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million, claiming the funds would finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
Prosecutors further alleged that the investment was backed by assurances that the money would be repaid alongside a $2.25 million development capital fee and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
Immanuel and his company were arraigned before the court on March 11, 2026, on charges related to the alleged fraud. Both defendants pleaded not guilty.
At Tuesday’s hearing, the fourth prosecution witness, Sheriff Oluwo, testified that Immanuel approached him in 2022 to help source investors for what was presented as an opportunity linked to the divestment of International Oil Companies (IOCs).
Led in evidence by prosecution counsel Iheanacho Ekele (SAN) and Babatunde Sonoiki, Oluwo told the court that he introduced Immanuel to Adebutu, who later expressed interest in the proposal.
According to the witness, Adebutu declined to provide the funds as a loan and instead insisted on acquiring an equity stake to protect his investment should the transaction fail. He said the parties subsequently agreed on a shareholding structure under which Intermediate Investment Holdings Limited and Immanuel would jointly retain about 58 per cent equity, while R28 Holdings Limited would hold approximately 22.41 per cent, with the remaining shares allocated to other parties.
Oluwo further testified that a term sheet was prepared by legal practitioner Olaniyi Osoniyi, but alleged that despite receiving the investment funds, Immanuel failed to fulfil the terms of the agreement or refund the money.
“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 declined the defendant’s bail application after considering a medical report from the Lagos State University Teaching Hospital (LASUTH), citing discrepancies she observed in the document.
The court adjourned the matter until November 16, 18 and 19, 2026, for the continuation of trial. Immanuel will remain in custody at the Kirikiri Correctional Centre pending further proceedings.
