Justice Mojisola Dada gave the order on Tuesday after declining the defendant's bail application during the continuation of his trial.
The Lagos State Special Offences Court sitting in Ikeja has 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.
Justice Mojisola Dada gave the order on Tuesday after declining the defendant's bail application during the continuation of his trial.
According to the prosecution, investigations showed that Immanuel allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million by claiming the money would finance rojects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Energies Mauritius Limited.
The prosecution further alleged that the investment was secured with assurances that the funds would be repaid, alongside a development capital fee of $2.25 million and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
