Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja on Monday heard how alleged fraudster Ufoma Joseph Immanuel wired $500, 000 (Five Hundred Thousand Dollar into his personal and firm accounts domicile in United States of America and Mauritius.
This is according to Babatunde Adebayo, a first prosecution witness at the commencement of trial into the alleged $1.5m fraud.
The witness narrated his testimony while being led by Babatunde Sonoiki, counsel to the Economic and Financial Crimes Commission, EFCC.
Testifying further, the witness who is a financial advisor told the court that sometimes in 2022, Ufoma approached him that he has an investor who is ready to invest some money for business.
“Sometimes in 2022 the defendant approached that he needed some financial assistance because he has an investor who is ready to invest his money into business. The exchange rate at the time was N600 to $1USD.
“Ufoma later call me and sent payment advice to me through Whatsapp for a total sum of $105,000 from ABICO Venture. He forwarded his personal bank details at Jessey Island where the sum of $400,000 was credited.
“He also said I should confirm from Sheriff Oluwo and Chikezie Evuluchkwu where to put the balance of $100, 000 to.
“We requested for a corporate account and the defendant nominated the name of Intermediate Investment Holdings Limited
The witness continued, “All proof of payments were sent to Ifoma Immanuel. He gave me instructions for the $400, 000 and he asked me to contact Sheriff Oluwo and Chikezie Evuluchkwu for the instructions of the balance of $100, 000.”
The Commission had on March 11, 2026, arraigned Immanuel alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining by false pretence and forgery involving $1.5 million.
The prosecution alleged that the offences contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as the Criminal Law of Lagos State, 2015.
According to the charge, the defendants allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest the sum under the guise of financing projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The prosecution alleged that the investment came with assurances of reimbursement, a development capital fee of $2.25 million, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited representations it said were false.
The defendant was also accused of forging a document described as a “Term Sheet,” purportedly executed by Sherrif Oluwo and Olaniran Osotuyi, to facilitate the alleged fraud.
The defendant and Intermediate Investment Holdings Limited pleaded not guilty to the charges during their arraignment.
Justice Dada adjourned the trial till June 24, 2026 for cross examination.
