The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos-based businessman, Mr. Ajayi Edward Olushola, before the Special Offences Court, Ikeja, for allegedly defrauding two individuals of ₦1.07 billion under the pretext of supplying Automotive Gas Oil (diesel).
Olushola, alongside his companies — Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited — faces a four-count charge bordering on conspiracy, stealing, and obtaining money under false pretence.
According to the EFCC, Olushola received ₦986 million from Prince Chukwulota Benneth Onuoha for the supply of one million litres of diesel that was never delivered.
He was also accused of obtaining ₦84.7 million from Irene Abidemi Ifanse on a similar false promise to deliver 82,000 litres of diesel.
The offences contravene Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Olushola pleaded not guilty, prompting EFCC counsel Bilikisu Buhari to request his remand pending trial.
Defence counsel C.J. Jiakionna sought a short adjournment to file a formal bail application.
Justice Olubunmi Abike-Fadipe ordered the remand of the defendant in a correctional centre and adjourned the case to January 21, 2026, for trial commencement.
Reporting by WAHAB Akinlade