The Lagos State Special Offences Court sitting in Ikeja has ordered the remand of Ufoma 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 declining the defendant’s bail application during the continuation of his trial.
According to the prosecution, investigations revealed that Immanuel allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the pretext that the funds would 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 alongside a development capital fee of $2.25 million 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 bordering on the alleged fraud. They pleaded not guilty.
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 (IOCs) 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 of the investment opportunity.
Oluwo testified that Immanuel subsequently presented the proposal during a meeting at Adebutu’s residence and requested $1.5 million as a loan.
According to the witness, Adebutu rejected the loan arrangement and instead insisted on acquiring an equity stake to safeguard his investment if the transaction failed.
He added that 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 he 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.
However, he 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 said.
Justice Dada also refused the defendant’s bail application after a medical report from the Lagos State University Teaching Hospital (LASUTH) was presented, citing discrepancies in the document.
The court adjourned the case until November 16, 18 and 19, 2026, for continuation of trial and ordered that Immanuel be remanded at the Kirikiri Correctional Centre pending further proceedings.
