EFCC Witness: Alleged Fraudster Failed to Honor $1.5 Million Deal with Adebutu's Firm

A witness for Nigeria's Economic and Financial Crimes Commission (EFCC) told a Lagos court that an alleged fraudster, Ifoma Immanuel, reneged on a $1.5 million investment deal. The deal involved Adebisi Adebutu and his company, R28 Holdings Limited, who were to invest in oil projects through Immanuel's firm, Intermediate Investment Holdings Limited.

During the trial before Justice Mojisola Dada, the fourth prosecution witness, Sheriff Oluwo, testified that Immanuel approached him in 2022 seeking investors for a foreign oil venture. Oluwo introduced Immanuel to Adebutu. Initially, Immanuel requested a $1.5 million loan, but Adebutu insisted on an equity participation structure to protect his interests.

An agreement was reached where Intermediate Investment Holdings Limited and Immanuel would retain about 58 percent equity, while R28 Holdings Limited would receive approximately 22.41 percent. However, Oluwo stated that despite receiving the $1.5 million investment, the defendants failed to meet their obligations. "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," the witness told the court.

Immanuel and his company are being prosecuted by the EFCC on charges of obtaining money by false pretense and forgery. The agency alleges that the investment was secured with assurances of reimbursement, a development capital fee, and an equity stake, none of which were fulfilled.

“

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.