A prosecution witness in the ongoing trial over an alleged $1.5 million fraud has told the Lagos State Special Offences Court that funds linked to the case were paid into the defendant’s account in multiple tranches.
The witness, Paul Olufemi, a compliance officer with Providus Bank, gave the testimony while appearing before the court as part of the prosecution’s case.
Olufemi informed the court that records obtained from the bank showed the funds were received in separate instalments rather than as a single transfer. He said the documents were produced in response to a request from the Economic and Financial Crimes Commission (EFCC) as part of its investigation.
During the proceedings, the prosecution tendered account-opening documents and bank statements relating to the defendant’s account. However, some of the documents were withdrawn after the defence raised objections over their certification.
Earlier in the trial, another prosecution witness, Babatunde Adebayo, testified that he transferred $500,000 into accounts nominated by the defendant after being informed that an investor was financing a business venture. According to him, $400,000 was initially paid into an account provided by the defendant, while the remaining $100,000 was later transferred to a corporate account after he declined to send it to a personal account.
The EFCC is prosecuting Ifoma Immanuel and Intermediate Investment Holdings Limited over allegations that they fraudulently induced an investor to part with $1.5 million through false representations, including promises of reimbursement, a development capital fee and an equity stake in the company.
The defendants have pleaded not guilty to the charges, and the case has been adjourned for the continuation of trial.
