EFCC arraigns businessman, companies for alleged N1.07bn diesel provide fraud

The Financial and Monetary Crimes Fee (EFCC) has arraigned a Lagos-based businessman, Ajayi Olushola, alongside along with his firms, Hola-Jayu Nigeria Restricted and Mozann World Retailers Restricted, over an alleged N1.07 billion fraud involving the availability of Automotive Fuel Oil (AGO).

Mr Olushola and his agency appeared on Tuesday earlier than the trial decide, Olubunmi Abike-Fadipe, of the Particular Offences Court docket in Ikeja, on 4 counts of acquiring cash underneath false pretences, conspiracy, and stealing.

The prosecution mentioned the full quantity concerned was N1,070,779,000.

In keeping with the EFCC, Mr Olushola and others, together with Hannah Nwaguzor, who’s presently at giant, fraudulently obtained N986 million from Chukwulota Onuoha on 15 Could 2024, underneath the pretext of supplying a million litres of AGO.

The anti-graft company additional defined that on the next day, they allegedly secured a further N84.7 million from Irene Abidemi Ifanse, utilizing an analogous false declare to provide 82,000 litres of AGO.

The EFCC mentioned the alleged offences violated Sections 1(1)(a) and 1(3) of the Advance Charge Fraud and Different Fraud Associated Offences Act, 2006, which criminalise acquiring cash by false pretence.

Part 1(3) of the Act states, “An individual who commits an offence underneath subsection (1) or (2) of this part is liable on conviction to imprisonment for a time period of no more than 20 years and never lower than 7 years with out the choice of a wonderful.”

On the court docket session, the defendants pleaded not responsible to all fees.

Prosecution lawyer, Bilikisu Buhari, urged the court docket to repair a trial date and remand the defendants pending trial.

In response, defence lawyer C.J. Jiakionna requested a brief adjournment to file a proper bail utility.

Mrs Abike-Fadipe adjourned the matter to 21 January 2026 for the graduation of the trial.

She ordered that Mr Olushola be remanded in a correctional facility pending trial.

The EFCC has previously prosecuted comparable fuel-related fraud instances,

In 2015, a Lagos businessman was arrested over an alleged N1.7 billion rip-off, involving faux conferences with non-existent traders within the UK.