EFCC arraigns businessman, firms for alleged N1.07bn diesel supply fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Ajayi Olushola, along with 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).
Mr Olushola and his firm appeared on Tuesday before the trial judge, Olubunmi Abike-Fadipe, of the Special Offences Court in Ikeja, on four counts of obtaining money under false pretences, conspiracy, and stealing.
The prosecution said the total amount involved was N1,070,779,000.
According to the EFCC, Mr Olushola and others, including Hannah Nwaguzor, who is currently at large, fraudulently obtained N986 million from Chukwulota Onuoha on 15 May 2024, under the pretext of supplying one million litres of AGO.
The anti-graft agency further explained that on the following day, they allegedly secured an additional N84.7 million from Irene Abidemi Ifanse, using a similar false claim to supply 82,000 litres of AGO.
The EFCC said the alleged offences violated Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, which criminalise obtaining money by false pretence.
Section 1(3) of the Act states, “A person who commits an offence under subsection (1) or (2) of this section is liable on conviction to imprisonment for a term of not more than 20 years and not less than 7 years without the option of a fine.”
At the court session, the defendants pleaded not guilty to all charges.
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Prosecution lawyer, Bilikisu Buhari, urged the court to fix a trial date and remand the defendants pending trial.
In response, defence lawyer C.J. Jiakionna requested a short adjournment to file a formal bail application.
Mrs Abike-Fadipe adjourned the matter to 21 January 2026 for the commencement of the trial.
She ordered that Mr Olushola be remanded in a correctional facility pending trial.
The EFCC has in the past prosecuted similar fuel-related fraud cases,
In 2015, a Lagos businessman was arrested over an alleged N1.7 billion scam, involving fake meetings with non-existent investors in the UK.