ALLEGED $1.5M FRAUD: WITNESS TELLS COURT FUNDS CAME INTO DEFENDANT’S ACCOUNT IN MULTIPLE TRANCHES. (PHOTO). #PRESS RELEASE

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 Alleged $1.5m Fraud:   Witness Tells Court Funds Came into Defendant’s Account in Multiple Tranches The Economic and Financial Crimes Commission (EFCC) on Monday, June 29, 2026, presented its third prosecution witness (PW3), Levi Amanda Opice, a Compliance Officer with Guaranty Trust Bank (GTBank), in the ongoing trial of Ifoma Immanuel before Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja, over an alleged $1.5 million fraud. Immanuel is standing trial alongside his company, Intermediate Investment Holdings Limited, on a two-count charge bordering on obtaining money by false pretence and forgery involving the sum of $1.5 million. According to the EFCC, investigations revealed that the defendant allegedly induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million by claiming that the funds would be used to finance projects linked to Chappal Petroleum Development Company Limited, Intermediate Investment Holdings Limited, and Chappal Ener...
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NNPCL SETS RECORD STRAIGHT ON CRUDE OIL CONSTRACT WITH DANGOTE REFINERY. (PHOTO)

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The Nigerian National Petroleum Company Limited (NNPCL) has clarified reports circulating on social media about the alleged termination of its crude oil sales agreement in Naira with Dangote Refinery. According to Olufemi Soneye, NNPCL's Chief Corporate Communications Officer, the contract was a six-month agreement set to expire at the end of March 2025, with discussions ongoing for a new contract.


Under this arrangement, NNPCL has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024, with a total of over 84 million barrels supplied since the refinery's operations began in 2023.


NNPCL remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions. The Federal Executive Council (FEC) had directed NNPCL to sell crude oil to Dangote Refinery and other local refineries in Naira, aiming to reduce the strain on Nigeria's foreign exchange and stabilize fuel prices.

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