The Economic and Financial Crimes Commission (EFCC) has presented two prosecution witnesses in the ongoing trial of Ifoma Immanuel, who is facing charges over an alleged $1.5 million fraud case before the Lagos State Special Offences Court in Ikeja.
The case is being heard before Justice Mojisola Dada, where the anti-graft agency is prosecuting Immanuel alongside his company, Intermediate Investment Holdings Limited, over allegations of obtaining money by false pretence and forgery.
According to investigators, the defendant allegedly convinced businessman Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million, claiming the funds were meant for projects connected to petroleum and investment companies linked to his business operations.
The EFCC alleged that the deal came with promises of reimbursement, a development capital return valued at $2.25 million, and a 22.4 percent equity stake in one of the companies involved in the proposed transaction.
During proceedings, the first prosecution witness, Babatunde Adebayo, told the court that he helped facilitate the transfer of $500,000 into accounts nominated by the defendant in both the United States and Mauritius after being approached to assist with the transaction.
Adebayo, who works as a financial adviser, said the defendant initially requested that the money be sent to his personal account, but he insisted that a corporate account be used instead, after which Intermediate Investment Holdings Limited was nominated for the transfer.
The second witness, Paul Olufemi, a compliance officer with Providus Bank, also testified before the court, explaining that the bank received an official request from the EFCC asking for account documents and financial records connected to the first defendant.
He said the bank retrieved the requested documents, including account opening records and transaction statements, and submitted them alongside certified identification documents.
During the hearing, lawyers representing the second defendant objected to some of the documents tendered by the prosecution, arguing that certain photocopies had not been properly certified and should not be admitted as evidence.
Following the objection, the prosecution decided to temporarily withdraw the disputed documents in order to correct the issues raised before presenting them again.
Justice Dada subsequently struck out the disputed documents from the list of exhibits and adjourned the matter until June 29, 2026, for continuation of trial proceedings.
The case remains one of the latest major financial crime prosecutions being handled by the EFCC as investigations into alleged corporate fraud continue.