Lagos businessman, Ajayi Edward Olushola, and his companies — Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited have been arraigned by the Economic and Financial Crimes Commission (EFCC), over an alleged ₦1.07 billion diesel supply fraud.
Ajayi Edward Olushola and his firms were brought before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja, on Monday, October 27, 2025, on a four-count charge bordering on obtaining money under false pretence, conspiracy, and stealing, amounting to ₦1,070,779,000.
According to the EFCC, Olushola and others, including Hannah Nwaguzor Ify (now at large), fraudulently obtained ₦986 million from Prince Chukwulota Benneth Onuoha on May 15, 2024, under the guise of supplying one million litres of Automotive Gas Oil (AGO). The following day, they allegedly obtained an additional ₦84.7 million from Irene Abidemi Ifanse, claiming to supply 82,000 litres of AGO.
The offences, the EFCC said, 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 the charges.
Prosecution counsel, Bilikisu Buhari, requested the court to fix a trial date and remand the defendant pending trial, while defence counsel, C.J. Jiakionna, sought a short adjournment to enable him 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.