Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja on Tuesday, July 7, 2026, ordered that Ifoma Emmanuel, Executive Director of Intermediate Investment Holdings Limited, be remanded at the Kirikiri Correctional Centre over an alleged $1.5 million investment fraud.

According to the prosecution, the defendant allegedly persuaded Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million. The funds were said to be for projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.

The EFCC alleged that the investment came with a promise that the money would be refunded, with an additional $2.25 million development capital fee and a 22.4% equity stake in Intermediate Investment Holdings Limited.

The defendant and the company were arraigned on March 11, 2026, and both pleaded not guilty.

At Tuesday’s hearing, the fourth prosecution witness, Sheriff Oluwo (PW4), testified. Led by prosecution counsel Iheanacho Ekele, SAN, and Babatunde Sonoiki, he said Emmanuel approached him in 2022 to help find investors for an International Oil Companies, IOCs, divestment deal. 

He said he then introduced the defendant to Adebutu.

Oluwo told the court that during a meeting at Adebutu’s residence, Emmanuel presented the proposal and asked for $1.5 million as a loan. Adebutu, however, rejected the loan idea and demanded equity to secure his investment in case the deal failed.

The witness said they later agreed on a shareholding arrangement: Intermediate Investment Holdings Limited and Emmanuel would hold about 58%, R28 Holdings Limited would hold 22.41%, while he and Chikezie Evuluchukwu would each take 9.49%.

He added that a term sheet was later drafted by lawyer Olaniyi Osoniyi. But he told the court that despite receiving the $1.5 million, the defendant did not meet 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,” he said.

The court also rejected the defendant’s bail application after a medical report from the Lagos State University Teaching Hospital, LASUTH, was presented and discrepancies were noted.

Justice Dada adjourned the case to November 16, 18 and 19, 2026, for continuation of trial and ordered that the defendant remain in custody at Kirikiri Correctional Centre, Lagos.

Source: EFCC