$1.5m Fraud: Witness Alleges Bizman Breached Deal, Failed To Refund Investor

A prosecution witness in the ongoing trial of a businessman, Ifoma Immanuel, over alleged $1.5 million investment fraud, on Tuesday told a Lagos State Special Offences Court in Ikeja that the defendant failed to honour the terms of an investment agreement and has yet to refund the money paid by the investor.

Immanuel and his company, Intermediate Investment Holdings Limited, are standing trial before Justice Mojisola Dada on two counts of obtaining money by false pretence and forgery, charges brought by the Economic and Financial Crimes Commission (EFCC).

The defendants were arraigned on 11 March 2026 and pleaded not guilty to the charge.

The anti-graft agency had accused the defendant of allegedly inducing a businessman, Adebisi Adebutu, and his company, R28 Holdings Limited, to invest $1.5 million by representing that the funds would finance oil and gas projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.

The EFCC alleged that the investment was backed by assurances that the funds would be reimbursed, along with payment of a $2.25 million development capital fee and allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.

During Tuesday’s proceedings, Oluwo, who is the fourth prosecution witness, testified that Immanuel approached him in 2022 to help source investors for what was presented as a foreign oil investment opportunity.

Led in evidence by EFCC lead counsel, Ekele Iheanacho (SAN), the witness also informed the court that he introduced the defendant to Adebutu during a meeting at the businessman’s residence, where the defendant sought a $1.5 million loan.

Oluwo also testified that Adebutu rejected the loan proposal, insisting instead on acquiring equity in the company to protect his investment in the event the transaction failed.

He testified that the parties subsequently agreed on a shareholding structure under which Intermediate Investment Holdings Limited and Immanuel would retain about 58 per cent of the equity, R28 Holdings Limited would hold approximately 22.41 per cent, and he and Chikezie Evuluchukwu would each own 9.49 per cent.

The witness further claimed that the agreement was formalised through a term sheet prepared by legal practitioner Olaniyi Osoniyi.

However, Oluwo alleged that despite receiving the investment funds, Immanuel failed to fulfil his obligations under 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 till today,” the witness told the court.

The EFCC alleged that the obtaining by false pretence charge contravenes Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, while the forgery count is contrary to Section 363 and punishable under Section 365 of the Criminal Law of Lagos State, 2015.

Justice Dada has adjourned the case to 2 July for the inspection of documents and electronic devices.