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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REPS URGE CBN TO SUSPEND ATM CHARGE HIKE. (PHOTO).

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In a move aimed at protecting the interests of Nigerian citizens, the House of Representatives has passed a resolution calling on the Central Bank of Nigeria (CBN) to suspend its recent decision to increase Automated Teller Machine (ATM) transaction charges.


The CBN had announced plans to introduce new charges for ATM transactions, effective March 1, 2025. Under the new policy, customers would be charged ₦100 for every ₦20,000 withdrawn from another bank's ATM. However, lawmakers argued that this move would place an undue financial burden on Nigerians.


Following a motion of urgent public importance, the House of Representatives urged the CBN to put the policy on hold pending further engagement with relevant committees. The lawmakers stressed the need for the CBN to reconsider its decision and explore alternative solutions that would not negatively impact citizens.


The CBN had attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country. However, critics have argued that the new policy would disproportionately affect low-income earners and those who rely heavily on ATM transactions.


As the debate surrounding the ATM charge increase continues, the House of Representatives' intervention is seen as a significant step towards protecting the interests of Nigerian citizens.

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