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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SENATE GIVES EXECUTIVE TWO WEEKS TO PRESENT BUDGET PERFORMANCE REPORT. (PHOTO).

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 Senate gives executive two weeks to present budget performance report


The Senate has issued a two-week ultimatum to the executive to submit a comprehensive, documented progress report on the implementation of the 2024 budget, as well as projections for the 2025 budget, before it will entertain the Medium-Term Expenditure Framework (MTEF).


Chairman of the Senate Committee on Finance, Sen. Sani Musa, gave the declaration during a meeting with President Bola Tinubu’s economic team, led by Minister of finance and Coordinating Minister of the economy, Wale Edun, at the National Assembly.


Senator Musa noted that the legislature requires detailed performance data to properly assess the assumptions and projections in the proposed MTEF and Fiscal Strategy Paper.


“We cannot proceed with the MTEF without first understanding how the 2024 budget has performed so far. We give you till October 23 to revert and provide a documented report before we look at the 2026 MTEF”.

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