A businessman, Sheriff Oluwo who is a fourth prosecution witness has narrated how alleged fraudster, Ufoma Joseph Immanuel failed to comply with terms of agreement reached with a businessman, Adebisi Adebutu and his firm R28 Holding Limited in $1.5million investment scam.
The witness testified against the defendant alongside his company, Intermediate Investment Holding Limited during an ongoing trial of the alleged fraudster before Justice Mojisola Dada of the Special Offences Court, Ikeja on Tuesday.
Oluwo was being led in evidence by Counsel to the Economic and Financial Crimes Commission, EFCC while testifying in an alleged $1.5million investment fraud.
Led in evidence by E. E Iheanacho, SAN, alongside Babatunde Sonoiki, narrated to the court that in 2022, Immanuel approached him to help source investors for what was presented as a foreign oil investment opportunity.
Oluwo said he subsequently contacted Adebutu and introduced the defendant to him.
According to him, during a meeting at Adebutu’s residence, Immanuel allegedly presented the investment proposal and requested $1.5 million as a loan.
According to the witness, Adebutu declined the loan arrangement, insisting instead on acquiring an equity stake to safeguard his investment should the transaction fail.
Oluwo testified that the parties eventually agreed on a shareholding structure under which Intermediate Investment Holdings Limited and Immanuel would hold about 58 per cent equity, R28 Holdings Limited would own approximately 22.41 per cent, while he and Chikezie Evuluchukwu would each hold 9.49 per cent.
The witness added that following the agreement, a term sheet was prepared by legal practitioner Olaniyi Osoniyi.
He, however, alleged that despite receiving the investment funds, the defendant failed to comply with 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 till today,” Oluwo told the trial judge
The defendants are being prosecuted by the EFCC.
The Commission had on March 11, 2026, arraigned the defendant alongside Intermidate Investment Holding Limited on a two-count charge bordering on obtaining money by false pretence and forgery involving the sum of $1.5 million.
They pleaded not guilty to the charges.
Accordingly to charge, the defendants allegedly induced Adebutu and his company, R28 Holdings Limited, to invest $1.5 million by representing that the funds would finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
The Commission further alleged that the investment was came with assurances of reimbursement, 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 prosecution alleges obtaining by false pretence, an offence which contravenes the provisions of Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The forgery charge is alleged to be contrary to Section 363 and punishable under Section 365 of the Criminal Law of Lagos State, 2015.
Subsequently, Justice Dada adjourned the matter until July 2, 2026.
