The ongoing alleged $1.5 million fraud trial involving Ifoma Immanuel and his company, Intermediate Investment Holdings Limited, has taken a controversial twist after a bank official told the court that hundreds of millions of naira allegedly moved through different accounts in a series of transactions.
The Economic and Financial Crimes Commission (EFCC) on Monday, June 29, 2026, presented its third prosecution witness, Levi Amanda Opice, a Compliance Officer with Guaranty Trust Bank (GTBank), before Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja.
Immanuel and Intermediate Investment Holdings Limited are facing a two-count charge bordering on obtaining money by false pretence and forgery over an alleged $1.5 million investment deal.
According to the EFCC, the defendant allegedly convinced Adebisi Adebutu of R28 Holdings Limited to release the funds for investment purposes connected to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The anti-graft agency alleged that the deal came with promises of repayment, a $2.25 million development capital fee, and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
However, the trial took a dramatic turn when the GTBank witness disclosed how N305 million allegedly entered an account linked to 107 Global Limited through multiple transfers carried out within a single day.
Opice told the court that ABICO Plc transferred the money in four separate tranches — three payments of N100 million each and another payment of N5 million.
The revelation raised questions over the movement of the funds, as the court heard that the money was transferred into a Providus Bank account belonging to 107 Global Limited, which was allegedly operated by a Bureau De Change operator who later provided the funds to the defendants.
The prosecution is attempting to establish the financial trail and determine how the alleged investment funds were moved after leaving the complainant’s company.
Read also:
- Alleged $1.5m fraud: EFCC Presents 2 Witnesses Against Businessman In Lagos
- EFCC To Arraign Bodejo Over Alleged $2.53m Terrorism Financing, Money Laundering Offences
- EFCC Arraigns Man Over Alleged N13.6 Million Land Fraud in Maiduguri
The witness also revealed that GTBank received a request from the EFCC dated May 30, 2025, demanding ABICO Plc’s account statements and account-opening documents.
The bank’s response, dated October 16, 2025, alongside the requested documents, was presented before the court and admitted as evidence.
Earlier, the prosecution recalled its second witness, Paul Olufemi, a Compliance Officer with Providus Bank, to complete his testimony.
During his appearance, several banking documents were tendered, including correspondence between the EFCC and the bank. Despite objections from the defence team, Justice Dada admitted the documents as exhibits.
The case has attracted attention due to the size of the alleged transaction and the questions surrounding how the funds moved between corporate accounts, financial institutions, and third parties.
The defendants, however, have pleaded not guilty to all charges.
Justice Dada adjourned the matter until June 30, 2026, for continuation of trial as the prosecution continues presenting evidence.
