A compliance officer with Guaranty Trust Bank (GTBank) on Monday told a Lagos State Special Offences Court how N305 million was transferred in transactions allegedly linked to Ifeoma Immanuel, investment firm boss who is standing trial over an alleged $1.5 million fraud.
Immanuel and his company are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a two-count charge bordering on obtaining money by false pretence and forgery.
The anti-graft agency alleged that the defendant obtained $1.5 million from Adebisi Adebutu of R28 Holdings Limited after claiming the investment would finance projects involving Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited and Chappal Energies Mauritius Limited.
According to the EFCC, the investment agreement included assurances that the funds would be refunded, alongside a promise of a $2.25 million development capital fee and a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.
Testifying before Justice Mojisola Dada on Monday, Levi Amanda Opice, GTBank Compliance Officer, the third prosecution witness, said financial records revealed that ABICO Plc transferred N305 million to the account of 107 Global Limited with Providus Bank in four separate transactions.
He told the court that the transfers comprised three payments of N100 million each and another transfer of N5 million.
Opice further testified that ABICO Plc, which he linked to Adebutu, paid the funds into the account of 107 Global Limited, a Bureau de Change operator allegedly used to facilitate the release of the money to the defendants.
The witness also disclosed that GTBank received a request from the EFCC seeking the account statement and account-opening documents of ABICO Plc and subsequently forwarded the requested documents to the commission.
The documents were tendered in evidence by the prosecution and admitted by the court.
Earlier in the proceedings, the prosecution recalled Providus Bank Compliance Officer, Paul Olufemi, who completed his testimony and tendered additional banking documents relating to the investigation.
Although defence counsel opposed the admissibility of the documents, Justice Dada overruled the objection and admitted them as exhibits.
The court adjourned the matter until June 30 for continuation of the trial.