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.
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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 Energies Mauritius Limited.

The Commission further alleged that the investment was backed by assurances that the funds would be reimbursed, alongside the payment of a $2.25 million development capital fee and the allocation of a 22.4 per cent equity stake in Intermediate Investment Holdings Limited.

The defendants were arraigned before Justice Dada on March 11, 2026, and they pleaded not guilty to the charges.

At Monday’s proceedings, Opice, while being led in evidence by prosecution counsel E. E. Iheanacho, SAN, alongside Babatunde Sonoiki, told the court that account of ABICO Plc transferred the total sum of Three Hundred and Five Million Naira (N305 million) within a single day to the account domiciled in Providus Bank Ltd belonging to 107 Global Limited. According to the witness, the funds were transferred in four different tranches of N100 million on three separate occasions, as well as an additional N5 million. ABICO Plc operated by

Adebutu made the transfers to the account of 107 Global Limited in Providus Bank operated by a Bureau De Change operator who gave the funds to the defendants.

The witness further testified that GTBank received a letter from the EFCC dated May 30, 2025, requesting the statement of account and account opening documents for ABICO Plc. He said the bank responded to the request, and its reply dated October 16, 2025, together with the account opening package, were tendered before the court and admitted as exhibits.

EFCC

Earlier in the proceedings, the prosecution recalled its second witness (PW2), Paul Olufemi, a Compliance Officer with Providus Bank, to conclude his testimony.

During the hearing, the prosecution tendered several banking documents through the witness. Although defence counsel objected to their admissibility on the grounds that there was no proof of payment, Justice Dada overruled the objection and admitted the documents into evidence. The exhibits included the EFCC’s request to Providus Bank, the bank’s response, and the accompanying attachments.

Following the proceedings, Justice Dada adjourned the case until June 30, 2026, for the continuation of the trial.
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Court Affirms Final Forfeiture Of N1.5bn Linked To Former NIRSAL Consultant To Government

The Supreme Court of Nigeria on Friday, June 19, 2026 affirmed the decision of the Court of Appeal that forfeited N1,582,000,000 (One Billion, Five Hundred and Eighty-two Million Naira) linked to one Steve Ogidan, the National Coordinating Consultant of Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL, as well as several companies and individuals to the Federal Government.
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The decision of the five- man panelist of the apex court led by Justice Habeeb Adewale Abiru, followed their review of the unanimous decision of the appellate court presided over by Justice Okon Abang on June 20, 2025, held that the ruling of the lower courts acted within the law.

The Supreme Court held that Ogidan’s suit was unmeritorious and accordingly dismissed the same, ordering him to pay the EFCC the sum of N5 million as cost of action.

Justice Abiru also noted that Ogidan and his cohorts before now have voluntarily returned the said funds as part of an out-of-court settlement which further validates the trial court`s decision to approve the final forfeiture.

Investigation by the Commission led to a reasonable suspicion that Ogidan acquired the said sum through illegitimate activities, specifically bribery from consultants he was supposed to monitor and supervise.

Resting on this, the EFCC, through its counsel, Ndeh Godspower Isotu approached the Federal High Court, Abuja presided by Justice I.E Ekwo for the forfeiture of the funds and on February 5, 2024, the Commission secured an order of interim forfeiture of the funds.

An order of final forfeiture also followed.
Dissatisfied with the final forfeiture order, Ogidan filed an appeal challenging the order and seeking a determination by the Appeal Court as to whether the trial court rightly applied Section 17 of the Advance Fee Fraud Act by causing the money to be forfeited to the federal government. The appeal was heard on April 10, 2025 and lost.

Court

The Commission’s investigations showed that cumulatively, between December 2015 and June 2021, eight of Steve Ogidan Consulting Companies; Successory Nigeria Limited, Beresh Consulting Limited, Blue Accord Nigeria Limited, Global Knowledge Consulting Limited, Freshvine Agribiz Limited, Richtigen Limited, O Stevens Consulting, Proteus and Enterprise Aesthetics were paid the total sum of ₦9,599,286,680.21 by NIRSAL.
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Information Minister Mohammed Idris Urges Print Industry Stakeholders To Embrace Unity For Sectoral Growth

The Honourable Minister of Information and National Orientation, Mohammed Idris, has urged stakeholders in Nigeria’s printing industry to embrace unity, reconciliation and collaboration as essential ingredients for the sustainable growth and global competitiveness of the sector.
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Speaking at the Nigeria Print Industry Stakeholders’ Summit 2026, themed “From Resolution to Renaissance,” held on Tuesday at Nikon Luxury Hotel, Abuja, the Minister said the recent resolution of the leadership dispute within the Chartered Institute of Professional Printers of Nigeria (CIPPON) presents a unique opportunity to reposition the profession and unlock its vast economic potential. “History has given you an opportunity to reposition this industry. Please seize it, work together, and let everyone support the leadership so that collectively you can move the profession forward,” the Minister said.

The Minister, who spoke extemporaneously, recalled that one of the first issues brought to his attention on assumption of office was the prolonged crisis within the Institute. He said his intervention was driven by the conviction that dialogue and cooperation would better serve the industry than prolonged litigation.

Describing the printing industry as one with enormous economic value and significant employment potential, the Minister noted that the sector would be better positioned to attract government support and policy interventions when stakeholders speak with one voice.

He assured the Institute of the Federal Government’s continued support, pledging to work with relevant government institutions to advance legitimate initiatives aimed at strengthening professional standards, improving the operating environment and enhancing the contribution of the printing industry to national development.

The Minister also urged the leadership of the Institute to carry every stakeholder along, irrespective of past disagreements, stressing that inclusive leadership would foster lasting peace and leave a legacy that would strengthen the profession for generations to come.

Idris reaffirmed the commitment of the Federal Ministry of Information and National Orientation to supporting CIPPON’s efforts to build a stronger, more innovative and globally competitive printing industry. He also encouraged practitioners to embrace technological innovation to remain relevant in an increasingly digital world.

Earlier, the President and Chairman of the Governing Council of the Chartered Institute of Professional Printers of Nigeria (CIPPON), Mr. Koko T. Clement, said the Institute had recorded significant progress since the inauguration of the current Governing Council in December 2025, highlighting engagements with key government institutions to strengthen professional standards, improve industry regulation and promote policies that would support the growth of Nigeria’s printing industry.

“Everything we do is for the growth of this Institute, for the benefit of every printer, every packaging professional, and every Nigerian who depends on this industry. We call on all stakeholders to work together in peace and mutual understanding so that what unites us remains greater than whatever may divide us,” he said.

Mohammed Idris

Among those in attendance were the President and Chairman of the Governing Council of the Chartered Institute of Professional Printers of Nigeria (CIPPON), Mr. Koko T. Clement; the Chief Executive Officer of KA2 Press Limited, Engr. Michael Akinola; the Managing Director of KA2 Press Limited, Mr. Ademola Kasumu; the Registrar of CIPPON, Mallam Abubakar Ndagi; as well as senior officials of the Federal Ministry of Information and National Orientation and other distinguished stakeholders from the printing and packaging industry.

Rabiu Ibrahim, mnipr
Special Assistant (Media) to the Honourable Minister of Information and National Orientation.
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Tuesday, 30 June, 2026