EFCC ARRAIGNS BUSINESSMAN, COMPANIES OVER N1.07 BILLION AGO FRAUD IN LAGOS
Read Time:1 Minute, 31 Second
By Aishat Momoh. O.
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 their alleged involvement in a ₦1.07 billion Automotive Gas Oil (AGO) fraud in Lagos.
Olushola and the two 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.
According to the EFCC, the offences contravene Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
One of the counts reads: “That Mr. Ajayi Edward Olushola, Hola-Jayu Nigeria Limited, Mozann Global Merchants Limited and Hannah Nwaguzor Ify (at large), on or about 15th May 2024, in Lagos, within the jurisdiction of this Honourable Court, 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 ₦986,000,000.00 (Nine hundred and eighty-six million naira) from Prince Chukwulota Benneth Onuoha for yourselves.”
Another count accuses the defendants of obtaining an additional ₦84,779,000.00 from another victim, Irene Abidemi Ifanse, under the guise of supplying 82,000 litres of AGO.
The defendants pleaded not guilty to all charges when read to them.
Following the plea, EFCC counsel Bilikisu Buhari urged the court to fix a trial date and remand the defendant pending the commencement of trial.
However, defence counsel C.J. Jiakionna sought a short adjournment to file a formal bail application for his client.
Justice Abike-Fadipe granted the request, adjourning the case to January 21, 2026, for the commencement of trial, and ordered that the defendant be remanded in a correctional facility pending further proceedings.
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