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Lagos court remands investment firm executive over alleged $1.5m fraud
The Economic and Financial Crimes Commission (EFCC) recorded fresh developments in two high-profile fraud cases on Tuesday, with a prosecution witness alleging that he deposited billions of naira in cash for former Central Bank of Nigeria Governor Godwin Emefiele, while a Lagos court ordered the remand of investment firm executive Ifoma Immanuel over an alleged $1.5 million investment fraud.
Testifying before Justice Yusuf Halilu of the Federal Capital Territory High Court, Maitama, Abuja, the third prosecution witness, Richard Agulu, a former Zenith Bank employee, said he routinely received billions of naira in cash from Emefiele’s personal assistant, Eric Ocheme, and deposited the funds into the accounts of Ifeabigo Integrated Services and Kelvito Integrated Services or kept them in Zenith Bank’s vault on the former CBN governor’s instructions.
Under cross-examination by defence counsel, Matthew Burkaa (SAN), Agulu told the court that Emefiele’s directives were usually relayed through Ocheme’s telephone and that he later disbursed the funds based on those instructions.
The witness, who said he spent 17 years in the banking sector, maintained that all withdrawals from the accounts were authorised by the legitimate account owners and signatories.
He also disclosed that he operated under verbal waivers granted by his superiors to handle Emefiele’s banking transactions.
Agulu further testified that he supervised the transfer of N1.6 billion to MG Properties Limited on Emefiele’s instructions through Ocheme.
Justice Halilu adjourned the case until November 3, 4 and 5, 2026, for continuation of trial.
Emefiele is facing an eight-count charge bordering on criminal breach of trust, conspiracy, forgery and unlawful possession of properties allegedly acquired from proceeds of crime amounting to N7.83 billion.
Meanwhile, in Lagos, Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja, ordered the remand of Ifoma Immanuel, Executive Director of Intermediate Investment Holdings Limited, at the Kirikiri Correctional Centre over an alleged $1.5 million investment fraud.
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According to EFCC spokesman Dele Oyewale, Immanuel allegedly induced R28 Holdings Limited, owned by Adebisi Adebutu, to invest $1.5 million by claiming the funds would finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
The anti-graft agency alleged that the investment came with assurances of reimbursement, payment of a $2.25 million development capital fee and allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
During Tuesday’s proceedings, the fourth prosecution witness, Sheriff Oluwo, testified that Immanuel approached him in 2022 to source investors for an International Oil Companies’ divestment opportunity.
He told the court that he introduced Immanuel to Adebutu, who declined to provide the funds as a loan and instead demanded an equity stake to safeguard his investment.
Oluwo said the parties subsequently 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 receive 9.49 per cent.
According to the witness, despite receiving the investment funds, Immanuel failed to honour the agreement or refund the $1.5 million.
Justice Dada also rejected the defendant’s bail application after citing discrepancies in a medical report presented from the Lagos State University Teaching Hospital.
The case was adjourned until November 16, 18 and 19, 2026, for continuation of trial, while the defendant remains in custody at the Kirikiri Correctional Centre.
