The Economic and Financial Crimes Commission (EFCC) on Monday, October 27, 2025, arraigned a businessman, Ajayi Edward Olushola, alongside his companies Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited over an alleged N1.07 billion fraud involving the supply of Automotive Gas Oil (AGO) in Lagos.
Olushola and his firms were brought before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja, on a four-count charge bordering on obtaining money under false pretence, conspiracy, and stealing to the tune of N1,070,779,000.
According to the EFCC, Olushola and others, including one Hannah Nwaguzor Ify (now at large), fraudulently obtained N986 million from one Prince Chukwulota Benneth Onuoha on May 15, 2024, under the guise of supplying one million litres of Automotive Gas Oil. The following day, they allegedly obtained an additional N84.7 million from Irene Abidemi Ifanse using a similar false claim of supplying 82,000 litres of AGO.
The offences contravene Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The defendants pleaded not guilty to all charges.
Prosecution counsel, Bilikisu Buhari, urged the court to fix a trial date and remand the defendant pending trial, while defence counsel, C.J. Jiakionna, sought a short adjournment to file a formal bail application.
Justice Abike-Fadipe adjourned the matter to January 21, 2026, for the commencement of trial and ordered that the defendant be remanded in a correctional facility center,
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