The Economic and Financial Crimes Commission has arraigned the Chief Executive Officer of Brookfield Group Holdings, Olatunji Oluwaseun Adebola, popularly known as “White Lion,” over an alleged ₦990 million fraud linked to a proposed foreign exchange transaction.
Adebola was arraigned alongside his company, Brookfield Mining Limited, before Justice C. Ngozi of the High Court of the Federal Capital Territory sitting in Maitama, Abuja, on Thursday.
The EFCC disclosed the development in a statement issued on Thursday, saying the defendants were brought before the court on a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.
According to the anti-graft agency, the case arose from a petition dated April 6, 2026, submitted through the petitioner’s solicitors, BB Dan Habu & Co.
The petitioner alleged that Adebola and Brookfield Mining Limited obtained a total of ₦990 million on the representation that the money would be used to facilitate a foreign exchange transaction for the procurement of $750,000.
The EFCC alleged that after receiving the funds, the defendants failed to carry out the transaction for which the money was provided.
The allegations have not been proven in court.
Adebola pleaded not guilty to the four counts when they were read to him.
Following his plea, prosecution counsel, Oluwakemi Yemi-Makinde, asked the court to fix a date for trial and to remand the defendant in a correctional facility pending the determination of the case.
Defence counsel, however, informed the court that an application seeking bail had already been filed on behalf of Adebola.
Ruling on the application, Justice Ngozi granted bail and ordered the defendant to provide two sureties.
The court directed that one of the sureties must be a civil servant on Grade Level 15, while the second must also be a civil servant and own landed property within Abuja.
The court subsequently adjourned the case until September 15, 2026, for further proceedings.
The criminal proceedings centre on the alleged handling of ₦990 million said to have been provided for a $750,000 foreign exchange transaction.
The criminal proceedings centre on the alleged handling of ₦990 million said to have been provided for a $750,000 foreign exchange transaction.
The prosecution is expected to present evidence in support of its allegations when trial commences.
Adebola has denied the allegations by pleading not guilty and remains presumed innocent unless and until the prosecution proves the charges against him beyond reasonable doubt.