EFCC Witness: Alleged Fraudster Reneged on $1.5 Million Deal with Adebutu’s Firm
Wale Igbintade
A Lagos State Special Offences Court sitting in Ikeja yesterday heard that an alleged fraudster, Ifoma Immanuel, and his company, Intermediate Investment Holdings Limited, failed to comply with the terms of an agreement reached with businessman Adebisi Adebutu and his company, R28 Holdings Limited, after receiving a $1.5 million investment.
The evidence was presented before Justice Mojisola Dada during the ongoing trial of Immanuel and his company, who are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a two-count charge of obtaining money by false pretence and forgery involving the sum of $1.5 million.
The defendants were arraigned on March 11, 2026, and pleaded not guilty to the charges.
