A Lagos State Special Offences Court sitting in Ikeja has remanded the Executive Director of Intermediate Investment Holdings Limited, Ifoma Immanuel, at the Kirikiri Correctional Centre over an alleged $1.5 million investment fraud.
Justice Mojisola Dada issued the remand order on Tuesday after declining the defendant’s bail application following the presentation of a medical report from the Lagos State University Teaching Hospital (LASUTH), which the court said contained discrepancies.
Immanuel and his company are facing trial over allegations that they fraudulently induced R28 Holdings Limited to invest $1.5 million in a purported oil and gas business venture.
According to the prosecution, the defendant allegedly persuaded Adebisi Adebutu of R28 Holdings Limited to invest the sum on the representation that the funds would be used to 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 backed by assurances that the money would be refunded, 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 arraigned before the court on March 11, 2026, on charges bordering on fraud, to which they pleaded not guilty.
At Tuesday’s proceedings, the fourth prosecution witness, Sheriff Oluwo, told the court that Immanuel approached him in 2022 to source investors for an International Oil Companies (IOC) divestment opportunity.
Led in evidence by prosecution counsel, Iheanacho Ekele (SAN) and Babatunde Sonoiki, the witness said he subsequently introduced the defendant to Adebutu after discussing the investment proposal with him.
Oluwo testified that during a meeting at Adebutu’s residence, Immanuel sought a $1.5 million loan to execute the proposed transaction. However, Adebutu declined the loan arrangement and instead requested an equity stake to safeguard his investment.
According to the witness, the parties later agreed on a shareholding structure that would give Intermediate Investment Holdings Limited and Immanuel about 58 per cent equity, while R28 Holdings Limited would hold approximately 22.41 per cent.
He added that he and Chikezie Evuluchukwu were each allocated 9.49 per cent.
He told the court that a term sheet documenting the agreement was subsequently prepared by legal practitioner Olaniyi Osoniyi.
Despite receiving the investment funds, Oluwo alleged that the defendant failed to honour 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,” the witness told the court.
Justice Dada adjourned the matter until November 16, 18 and 19, 2026, for continuation of trial and ordered that the defendant remain in custody at the Kirikiri Correctional Centre pending further proceedings.
