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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.

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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NRS Debunks Viral Claim of New Tax on Vehicle

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Nigeria Revenue Service (NRS) has denied reports that the federal government has introduced a new tax on vehicles.

NRS Debunks Viral Claim of New Tax on Vehicle

The clarification follows the circulation of a viral message online claiming that all vehicle owners would be required to start paying a new tax from July 1, 2026.

In a statement released on Sunday, the NRS said the information in the message is false and did not come from the agency or any official government institution.Nigeria Travel Guides

According to Dare Adekanmbi, spokesperson for the NRS, the viral message was designed to mislead the public. He explained that it was made to look genuine by using official government logos and formatting.

The message reportedly instructed owners of private, commercial, and corporate vehicles to pay an unspecified fee either online or through approved banks and agencies. It also included a website that was wrongly presented as an official government platform.

Adekanmbi stressed that the website mentioned is not connected to the government and warned Nigerians not to make any payments based on such information.

He said the NRS has not introduced any new vehicle tax and that any official policy or tax change would be properly announced through verified government channels.

The agency urged citizens to ignore the fake message and avoid falling victim to possible fraud. It also advised Nigerians to always confirm such information through trusted and official sources before taking any action.

The NRS further encouraged the public to follow its official communication platforms to stay informed about genuine tax policies, updates, and government directives.

 


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NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

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National Copyright Commission (NCC) has reaffirmed that piracy remains a major threat to the nation’s creative economy, vowing to intensify its nationwide crackdown on illicit networks to protect intellectual property.

NCC to Intensify Crackdown on Illicit Network to Protect Copyrights

Pic credit…soundcloud.com

Dr. John Asein, director-general of the NCC, disclosed this in a statement to mark the 2026 World Book and Copyright Day.

The commission noted that piracy remains a major threat, undermining legitimate enterprise and eroding the economic value of creative works.

Asein lamented that inadequate distribution systems and limited access to books also constrain the growth of readership.

He described the event as an important occasion, which showcased the enduring value of books as foundations of knowledge, instruments of cultural preservation, and drivers of national development.

He described the theme for this year’s celebration, ‘Read Books, Respect Copyright,’ as a call on Nigerians to embrace reading as a lifelong habit, while recognising that respect for copyright is essential to sustaining creativity and rewarding authors.

The commission noted that Nigeria’s book industry has evolved significantly, from the post-independence emergence of indigenous publishing to today’s digitally driven ecosystem.

“Nigerian authors continue to gain global recognition, while publishers are expanding capacity. However, challenges persist,” he said.

The commission commended the National Intellectual Property Policy and Strategy, describing it as a bold step toward repositioning intellectual property as a driver of economic transformation.

The policy, according to him, provides a roadmap for revamping the book sector for the benefit of authors and publishers, and is accessible at ippolicy.ng.

The NCC also reaffirmed its commitment to inclusive access through the Marrakesh Treaty, as reflected in the Copyright Act, 2022, enabling accessible formats such as Braille and audio texts.

It urged Nigerians to respect copyright and purchase books only from authorised sources.


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Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

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Fusewall Holdings, founded by Azeez Amida, has announced the acquisition of a 100 percent equity stake in Coloplus Worldwide Service Limited, in a move aimed at strengthening its position in Nigeria’s telecommunications infrastructure space.

Fusewall Holdings Acquires 100% Stake in Coloplus, Expands Telecom Infrastructure Footprint

Fusewall Holdings

The deal marks a significant milestone in Fusewall’s broader strategy to build an integrated and future-ready platform across key sectors, particularly within the country’s fast-evolving digital economy.

The transaction was led by Amida, whose role in structuring and executing the deal was described as pivotal. According to the company, his leadership helped align stakeholders and navigate complex negotiations to ensure a successful close while positioning the business for long-term growth.

A spokesperson for Fusewall Holdings said the acquisition represents “a deliberate step forward” in the company’s expansion strategy, noting that the focus remains on building platforms that combine operational efficiency, resilience, and scale.

Coloplus brings a substantial operational footprint to the deal, including access to about 900 partner locations and roughly 20 owned sites. This combination of reach and infrastructure control is expected to give Fusewall a strategic advantage as it scales operations nationwide.

Fusewall said it plans to deploy capital, strengthen governance structures, and enhance operational execution as part of the integration process. The move is expected to improve service delivery, boost infrastructure reliability, and support expansion into underserved and high-demand areas.

The acquisition also aligns with the company’s broader ambition to help bridge Nigeria’s telecommunications infrastructure gap by expanding connectivity, improving network resilience, and advancing digital inclusion.

Fusewall Holdings said the deal reflects its commitment to disciplined execution and long-term value creation as it continues to grow its footprint in Nigeria’s digital ecosystem.


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