On Monday, the Economic and Financial Crimes Commission (EFCC) brought businessman Oguibe Nwachukwu and his firm, Wifamapp Royalty Global Limited, before the Lagos State Special Offences Court in Ikeja, facing allegations involving the misappropriation of N511,378,221.
Justice Rahman Oshodi presided over the case, where the EFCC charged Nwachukwu and his company with 13 counts, including money laundering, unlawful retention of criminal proceeds, and theft.
According to EFCC’s counsel, Ahmed Usman, the accused unlawfully appropriated $36,000 belonging to Travelstar Web Logistics Limited, for which Nwachukwu served as the accountant, diverting the funds for personal gain.
Usman further explained that between August and September 2017, the defendants concealed the origin of N7,280,500 by transferring it from Travelstar Web Logistics Limited’s account to Wifamapp Royalty Global Limited’s STANBIC IBTC account (number 0022152478), and subsequently to Nwachukwu’s personal Guarantee Trust Bank account, which he used for online ventures, notably cryptocurrency trading.
The prosecution also revealed that Nwachukwu possessed a fraudulent document-a letter falsely claiming to be from the law firm of Steven H. Sado, P.C., who is known as the lead defense attorney for former U.S. President Donald Trump.
These actions were said to contravene Sections 280(1)(b), 287, and 332(1) of the Criminal Laws of Lagos State 2015, with penalties outlined under Section 332 of the same law.
Both defendants entered pleas of not guilty to all charges presented.
Following their pleas, defense lawyer Usman requested the court to schedule a trial date and asked for the defendants to be remanded in EFCC custody, citing their poor health conditions.
Contrarily, the prosecution, represented by Uzozie, expressed a preference for the defendants to remain in detention.
Justice Oshodi subsequently ordered that the accused be held in a maximum-security correctional facility and adjourned the trial to October 17, 2025.
In other news, the upcoming FIN Web Conference & AI Expo 2025, set to take place from November 16 to 18 at the Computer History Museum in Silicon Valley, Northern California, will feature a high-profile pre-event virtual forum on October 10, 2025, from 5 pm to 6 pm GMT.
The forum will be headlined by prominent figures such as Dr. Bosun Tijani, Nigeria’s Minister of Communications and Digital Economy; Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA); and Olatunbosun Alake, Lagos State Commissioner for Innovation, Science & Technology, among other distinguished guests.
Organized by the Foreign Investment Network (FIN), the event’s theme, “Igniting the Future-AI Innovations Shaping a Sustainable Digital Economy, Connecting to Africa,” aims to explore the convergence of artificial intelligence, investment, sustainability, and Africa’s digital transformation.
Mr. Ayo Ayeni, FIN’s Director of International Communications, highlighted that the forum will bring together global technology leaders, investors, innovators, and policymakers for an intensive hour of strategic discussions and actionable insights.
Notable speakers include Eric Schmidt, former CEO of Google; Sabeer Bhatia, co-founder of Hotmail; Mark Minevich, a global AI strategist and venture advisor; and Mehdi Paryavi, Chairman of the International Data Centre Authority (IDCA), with Dalith Steiger, co-founder of SwissCognitive, serving as host and moderator.
Dr. Olayinka Fayomi, Chairman of FIN, will open the event with a keynote titled “Championing Africa-Silicon Valley Investment Bridges and the Digital Economy.” Mark Minevich will follow with a presentation on “Sovereign AI for Inclusive Growth: A Practical 12-Month Roadmap for Africa’s Digital Economy.”
Additional keynote addresses will be delivered by Eric Schmidt and Mehdi Paryavi, focusing on “Building AI-Ready Data Centres: Standards, Sustainability, and Sovereign Digital Infrastructure.”
The conference will also feature global thought leaders such as Prabhav Sharma, an AI and industry transformation expert; Wayne Ronhaar, a strategist in digital infrastructure and sustainability; Tim Kline, a specialist in enterprise innovation and emerging technologies; and Gaurav Dhar, CEO of Marshal Fintech Partners and advocate for open finance.
Other distinguished participants include Dr. Nizar Ben Neji, former Tunisian Minister of Communication Technologies and cybersecurity expert; Paula Ingabire, Rwanda’s Minister of ICT and Innovation; William Kabogo Gitau, Kenya’s Cabinet Secretary for Information, Communications & Digital Economy; Samuel Nartey George, Ghana’s Minister for Communication, Digital Technology & Innovations; and Sid Ali Zerrouki, Algeria’s Minister of Post & Telecommunications (to be confirmed).
The organizers emphasize the critical importance of Africa’s active participation in global AI discussions to elevate the continent’s leadership in fostering sustainable digital economies.
FIN also noted that the event will facilitate direct engagement with Silicon Valley’s investors, policymakers, and innovators, providing a platform to showcase expertise in AI, fintech, cybersecurity, sustainability, and digital infrastructure.
The FIN Web Conference & AI Expo 2025 promises to be a premier gathering of international leaders, investors, and innovators dedicated to advancing the digital economy through AI-driven investment and sustainability initiatives, strengthening the Africa-Silicon Valley connection. Attendance is complimentary but requires prior registration at: https://finwebconference.com/virtual-pre-event-registration/
