Alleged $1.5m Fraud: Ifoma Immanuel Remanded At Kirikiri Prison
An Ikeja Special Offences Court has ordered the remand of Ifoma Immanuel, Executive Director of Intermediate Investment Holdings Limited, to the Kirikiri Correctional Centre following a denied bail application. Justice Mojisola Dada issued the order on Tuesday as the trial regarding an alleged $1.5 million investment fraud continues.
The prosecution alleges Immanuel induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under false pretenses involving financing projects for energy companies.
The prosecution further alleged that the investment was secured with assurances that the funds would be repaid, alongside a development capital fee of $2.25 million and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
Immanuel and Intermediate Investment Holdings Limited were arraigned before the court on March 11, 2026, on charges bordering on the alleged fraud. They pleaded not guilty to the charges.
At Tuesday’s proceedings, the fourth prosecution witness, Sheriff Oluwo, told the court that Immanuel approached him in 2022 to help source investors for an International Oil Companies (IOCs) divestment opportunity.
Led in evidence by prosecution counsel, Iheanacho Ekele (SAN) and Babatunde Sonoiki, Oluwo testified that he later introduced Immanuel to Adebutu after informing him about the investment opportunity.
The witness said Immanuel subsequently presented the investment proposal during a meeting at Adebutu’s residence and requested $1.5 million as a loan.
According to Oluwo, Adebutu rejected the proposal as a loan and insisted on acquiring an equity stake to protect his investment if the transaction failed.
The prosecution witness, Oluwo, told the court that the parties had agreed on a specific shareholding structure where Intermediate Investment Holdings Limited and Immanuel would jointly hold about 58% equity. Under this arrangement, R28 Holdings Limited was to own 22.41%, while Oluwo and Chikezie Evuluchukwu would each receive 9.49%, as outlined in a term sheet prepared by legal practitioner Olaniyi Osoniyi.
However, Immanuel allegedly failed to honor the agreement after receiving the funds. The witness testified that the defendant did not fulfill his obligations and has completely failed to refund the $1.5 million paid by R28 Holdings Limited to this day.
Justice Dada refused the defendant’s bail application due to discrepancies observed in a medical report presented from the Lagos State University Teaching Hospital (LASUTH). The judge subsequently adjourned the case until November 16, 18, and 19, 2026, for the continuation of the trial and ordered Immanuel to be remanded at the Kirikiri Correctional Centre.