EFCC ARRAIGNS AJAYI EDWARD OLUSHOLA, COMPANIES OVER N1.07 BILLION FUEL SUPHONING FRAUD

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned one Ajayi Edward Olushola alongside his companies, Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited, for an alleged N1.07 billion fraud related to the supply of Automotive Gas Oil (AGO). The defendants were brought before Justice Olubunmi Abike-Fadipe of the Special Offences Court in Ikeja, Lagos, on Monday, October 27, 2025.

They faced a four-count charge bordering on obtaining money under false pretence, conspiracy, and stealing to the tune of N1,070,779,000.00. One of the counts detailed that Ajayi Edward Olushola, his companies, and one Hannah Nwaguzor Ify, who is currently at large, on or about May 15, 2024, in Lagos, “by false pretence, that you had the ability to supply one million litres of Automotive Gas Oil (AGO) and with intent to defraud, obtained the total sum of N986,000,000.00 from Prince Chukwulota Benneth Onuoha for yourselves.”

This alleged action is said to contravene Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. A separate count accused the defendants of obtaining the sum of N84,779,000.00 from Irene Abidemi Ifanse on or about May 16, 2024, under the false pretence of having the ability to supply eighty-two thousand litres of AGO.

When the charges were read to them, the defendants pleaded “not guilty” to all counts. Following their plea, the prosecution counsel, Bilikisu Buhari, requested the court to set a date for the trial and to remand the defendant in a correctional facility pending the commencement of proceedings.

In response, the defence counsel, C.J. Jiakionna, asked the court for a short adjournment to file a formal bail application for his client. Justice Olubunmi Abike-Fadipe subsequently adjourned the case until January 21, 2026, for further proceedings.