The Economic and Financial Crimes Commission (EFCC) on Monday, October 27, 2025, arraigned 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 appeared before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja, facing a four-count charge of obtaining money under false pretence, conspiracy, and stealing, amounting to N1,070,779,000.
According to the EFCC, Olushola and an accomplice, Hannah Nwaguzor Ify (currently at large), fraudulently obtained N986 million from Prince Chukwulota Benneth Onuoha on May 15, 2024, under the pretext of supplying one million litres of AGO. The following day, they allegedly collected an additional N84.7 million from Irene Abidemi Ifanse on the same 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 defendants pending trial, while defence counsel C.J. Jiakionna requested 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.