The Economic and Financial Crimes Commission (EFCC) on Monday, June 29, 2026, presented its third prosecution witness (PW3), Levi Amanda Opice, a Compliance Officer with Guaranty Trust Bank (GTBank), in the ongoing trial of Ifoma Immanuel before Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja, over an alleged $1.5 million fraud.
Immanuel is standing trial alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining money by false pretence and forgery involving the sum of $1.5 million.
According to the EFCC, investigations revealed that the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million by claiming that the funds would be used to finance projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The Commission further alleged that the investment was backed by assurances that the funds would be reimbursed, alongside the payment of a $2.25 million development capital fee and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
The defendants were arraigned before Justice Dada on March 11, 2026, and pleaded not guilty to the charges.
At Monday’s proceedings, Opice, while being led in evidence by prosecution counsel E. E. Iheanacho, SAN, alongside Babatunde Sonoiki, told the court that ABICO Plc transferred a total of Three Hundred and Five Million Naira (N305 million) within a single day from its account to the account of 107 Global Limited, domiciled with Providus Bank Limited.
According to the witness, the funds were transferred in four tranches comprising three transfers of N100 million each and one transfer of N5 million. He further testified that ABICO Plc, operated by Adebutu, made the transfers to the account of 107 Global Limited at Providus Bank, which was operated by a Bureau De Change operator who subsequently released the funds to the defendants.
The witness further testified that GTBank received a letter from the EFCC dated May 30, 2025, requesting the statement of account and account opening documents for ABICO Plc. He said the bank responded to the request, and its reply, dated October 16, 2025, together with the account opening package, was tendered before the court and admitted in evidence as exhibits.
Earlier in the proceedings, the prosecution recalled its second prosecution witness (PW2), Paul Olufemi, a Compliance Officer with Providus Bank, to conclude his testimony.
During the hearing, the prosecution tendered several banking documents through the witness. Although defence counsel objected to their admissibility on the ground that there was no proof of payment, Justice Dada overruled the objection and admitted the documents in evidence. The exhibits included the EFCC’s request to Providus Bank, the bank’s response, and the accompanying attachments.
Following the proceedings, Justice Dada adjourned the case until June 30, 2026, for the continuation of the trial.
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