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EFCC Arraigns Intermediate Investment Holdings Boss Over Alleged $1.5m Fraud

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Economic and Financial Crimes Commission (EFCC) has arraigned Ufoma Joseph Immanuel, Managing Director of Intermediate Investment Holdings Limited, before Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos, on a two-count charge of obtaining by false pretence and forgery involving $1.5 million.

EFCC Arraigns Intermediate Investment Holdings Boss Over Alleged $1.5m Fraud

The anti-graft agency disclosed this in a statement issued Wednesday, naming both Immanuel and his company as defendants.

The EFCC alleged that between April 2022 and October 2023, the defendants induced Adebisi Adebutu of R28 Holdings Limited to invest $1.5 million in purported petroleum ventures, including “Cash and or Capital Cost in Chappal Petroleum Development Company Limited” and shares in Intermediate Investment Holdings Limited.

Count one states: “UFOMA JOSEPH IMMANUEL and INTERMEDIATE INVESTMENT HOLDINGS LIMITED… with intent to defraud, induced Adebisi Adebutu… to deposit the total sum of $1,500,000… on the understanding that R28 Holdings Limited will be reimbursed the investment amount, paid a development capital fee of $2,250,000, and allotted 22.4% shares… which representation you knew to be false.”

Count two accuses Immanuel of forging a “TERM SHEET” purportedly executed by Sherrif Oluwo and Olaniran Osotuyi to facilitate the fraud between April 2022 and April 2025.

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Immanuel pleaded not guilty.

Prosecution counsel Babatunde Sonoiki sought a trial date and remand in INTERPOL custody pending investigations. The court heard allegations that defence counsel Oluseun Awonuga, SAN, assaulted colleague Emenike Mgbemele on March 2 while serving processes.

Awonuga raised a preliminary objection citing a Federal High Court order barring EFCC arrest, but the prosecution argued it applied only to a prior civil case. Justice Dada adjourned to May 7, 2026, for ruling, ordering Immanuel remanded in INTERPOL custody before transfer to a correctional centre for bail hearing.

This case underscores EFCC’s intensified fraud crackdown. In January 2026, businessman Wilson Opuwei and Dateline Energy Services Ltd. faced charges over a $550,000 scam involving fake Dual Purpose Kerosene allocation.

In March 2026, Obiajulu Emeka Emmanuel received a one-year sentence, N1 million fine, and property forfeiture for an $850,000 fraud at Lagos High Court.

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General News

MENXTT TECH NG Offers Affordable Dell Laptops with Flexible Payment Plans

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MENXTT TECH NG, a Lagos-based technology company, has launched an initiative to make quality Dell laptops more affordable for Nigerians through flexible payment plans and extended warranty support.

MENXTT TECH NG Offers Affordable Dell Laptops with Flexible Payment Plans

The company said the initiative was aimed at helping students, entrepreneurs, professionals and small businesses acquire reliable computing devices despite rising technology costs.

According to the company, customers can now purchase premium pre-owned Dell Latitude, Dell Precision and Dell Inspiron laptops at competitive prices, with selected models available under staggered payment arrangements.

The laptops, it said, are designed to meet the needs of users ranging from students and office workers to architects, engineers, software developers, graphic designers and video editors.

Speaking on the initiative, the Co-Founder of MENXTT TECH NG, Mr Anthony Emeka Nwosu, said access to quality technology should not be limited by financial constraints.

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“A laptop is no longer a luxury; it is an essential tool for education, business and career development.

“Unfortunately, many people are forced to settle for unreliable devices because of the high cost of new laptops.

“At MENXTT TECH NG, we want to bridge that gap by providing durable Dell business laptops at affordable prices, backed by a full one-year warranty and flexible payment plans.

“We want every student, entrepreneur, freelancer and business owner to have access to technology that helps them succeed,” he said.

Nwosu explained that every laptop undergoes comprehensive testing before delivery and comes with a one-year warranty, an original charger, a complimentary laptop bag, Windows 11 operating system and Microsoft Office Suite pre-installed.

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He added that the company, an authorised Bitdefender Antivirus reseller in Nigeria, also installs genuine Bitdefender security software on every system to protect customers against cyber threats.

According to him, customers requiring additional productivity tools can also have licensed Foxit PDF software installed on their devices.

Nwosu said the flexible payment option was introduced in response to prevailing economic realities, enabling customers to spread payments over an agreed period.

He noted that the arrangement would make it easier for students, startups and growing businesses to acquire quality computers without placing excessive pressure on their finances.

Beyond laptop sales, the company provides information technology consultancy, computer repairs, software licensing, cybersecurity solutions and digital transformation services to organisations across Nigeria.

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He reaffirmed the company’s commitment to supporting Nigeria’s digital economy by making dependable computing devices and enterprise technology solutions more accessible to individuals and businesses.

According to him, the initiative reflects MENXTT TECH NG’s vision of combining affordability, quality products and professional after-sales support to help more Nigerians participate in the country’s expanding digital ecosystem. (NAN)

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Nwokolo, Nollywood Actor Claims Internet Fraud is “Keeping Economy Afloat’

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Ugo Nwokolo, Nollywood actor, has shared a controversial opinion on internet fraud, saying it has been keeping the nation’s economy afloat amid a tougher economic climate.

Nwokolo, Nollywood Actor Claims Internet Fraud is “Keeping Economy Afloat’

Ugo Nwokolo, Nollywood Actor 

Nwokolo made the assertion in a video interview currently circulating on social media.

According to the actor, the cost of living and soaring house rent have made life unbearable for legitimate income earners.

He said high rent in major cities like Lagos and Abuja has edged out those earning N50,000 and N90,000 monthly.

Nwokolo said, “Personally, I think Yahoo has helped keep the economy afloat. Do you expect a civil servant to afford house rent of N3 million or N5 million in Abuja?”

The actor maintained that only the rich, including fraudsters, could meet up with the rising cost of living.

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“If you go to Lagos now, the least you’ll see for a two-bedroom apartment is about N7 million or N8 million. Who is supposed to afford it? The civil servants? Of course, it’s the fraudsters,” he stressed.

However, he argued that he was not justifying crime but merely stating fact.

“I’m not justifying crime, but yes, Yahoo is helping the economy. How do you expect people to live in this kind of economy?” he said.

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Dangote Plans to Donate One-Third of Wealth to Charity as Legacy

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Aliko Dangote
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Aliko Dangote, Africa’s richest man, plans to dedicate one-third of his wealth to charity as part of his succession plan, Halima Dangote, his daughter, has revealed.

Dangote Plans to Donate One-Third of Wealth to Charity as Legacy

Aliko Dangote

Halima, a trustee of the Aliko Dangote Foundation, disclosed this in an interview with Bloomberg published on Tuesday, saying the billionaire had secured the support of his family to commit 33 per cent of his estate to philanthropy.

According to the Bloomberg Billionaires Index, Dangote’s net worth is estimated at $35.1 billion, meaning one-third of his current wealth would be worth about $11.7 billion if his fortune remains at that level.

Halima explained that her father views philanthropy as a key part of his legacy and has incorporated it into the family’s long-term succession plans.

She said Dangote had structured his estate to ensure that charitable giving continues across generations, particularly in areas such as healthcare and education.

“He sort of put all the structure in place whereby we focus a lot on health and education. He actually donated 25 per cent to the foundation. If you look at it, it is what we call in Sharia Code in Islam; it means he has donated 33 per cent of his whole inheritance to his foundation,” she said.

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Halima added that Dangote believes giving back is central to the success of his businesses and the family’s values.

She said the billionaire asked her, her two sisters, and his mother to sign the agreement allowing 33 per cent of his inheritance to be dedicated to humanitarian causes.

The planned donation builds on Dangote’s longstanding philanthropic activities through the Aliko Dangote Foundation, which was established in 1994.

According to Halima, the foundation received an endowment of $1.25 billion about a decade ago and has since received an additional $700 million in funding.

She said about 70 per cent of the foundation’s spending goes to programmes in Nigeria, while 20 per cent supports projects across Africa, with the remaining funds directed to initiatives in other parts of the world.

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The foundation’s interventions focus on healthcare, education, nutrition, and humanitarian support, including partnerships that contributed to the eradication of wild poliovirus in Africa.

Dangote’s planned charitable commitment adds to increasing global attention on billionaire philanthropy.

Although the proposed 33 per cent allocation is below the 50 per cent commitment associated with the Giving Pledge, it would rank among the largest philanthropic commitments announced by an African billionaire.

Earlier this year, Dangote was named among the world’s most influential philanthropists by TIME magazine’s inaugural TIME100 Philanthropy list, recognising the impact of the Aliko Dangote Foundation, which reportedly spends more than ₦50 billion annually on programmes across Africa.

 

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