The Economic and Financial Crimes Commission (EFCC) on Monday, June 29, 2026, continued its prosecution in the alleged $1.5 million fraud case against Ifoma Immanuel, as a prosecution witness told the court that funds linked to the case were transferred into an account in multiple tranches….
The Economic and Financial Crimes Commission (EFCC) on Monday, June 29, 2026, continued its prosecution in the alleged $1.5 million fraud case against Ifoma Immanuel, as a prosecution witness told the court that funds linked to the case were transferred into an account in multiple tranches.
The defendant is standing trial before Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja, alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining money by false pretence and forgery involving $1.5 million.
At Monday’s proceedings, the EFCC presented its third prosecution witness (PW3), Levi Amanda Opice, a Compliance Officer with Guaranty Trust Bank (GTBank), who testified on account transactions connected to the alleged fraud.
According to the EFCC in a statement via its X handle, on Monday, June 29, the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million under the claim that the funds would be used to finance petroleum-related projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
....: EFCC, CAC To Partner On POS Regulations, Financial Sector Protection
The Commission further alleged that the investment was backed by promises of reimbursement, a $2.25 million development capital fee, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
The defendants were arraigned on March 11, 2026, and they pleaded not guilty to the charges.
Testifying before the court, the GTBank compliance officer, Opice, said transactions linked to ABICO Plc showed that a total of Three Hundred and Five Million Naira (N305 million) was transferred within a single day into an account domiciled in Providus Bank belonging to 107 Global Limited.
He told the court that the funds were moved in multiple tranches of N100 million on three occasions, with an additional N5 million, noting that the transactions were routed through the account of a Bureau De Change operator who allegedly disbursed the funds to the defendants.
In his words, the witness said: “the account of ABICO Plc transferred the total sum of Three Hundred and Five Million Naira (N305 million) within a single day to the account domiciled in Providus Bank Ltd belonging to 107 Global Limited.”
He further told the court that GTBank received a letter from the EFCC dated May 30, 2025, requesting account statements and opening documents relating to ABICO Plc, adding that the bank complied and submitted the requested documents.
“The bank responded to the request, and its reply dated October 16, 2025, together with the account opening package, were tendered before the court and admitted as exhibits,” the witness said.
Earlier in the proceedings, the prosecution also recalled its second witness (PW2), Paul Olufemi, a Compliance Officer with Providus Bank, to conclude his testimony.
During the session, the prosecution tendered several banking documents, which were admitted as exhibits by the court after Justice Dada overruled objections from the defence, despite arguments challenging their admissibility.
Following the proceedings, Justice Mojisola Dada adjourned the case until June 30, 2026, for continuation of trial.
