The Economic and Financial Crimes Commission (EFCC) has re-arraigned two individuals and their companies before the Lagos State High Court sitting in Ikeja over an alleged N986 million fraud and the unlawful conversion of funds totaling more than N1 billion.
The defendants, Ajayi Edward Olushola and his firm, Hola Jay Nigeria Limited, alongside Hannah Nwaguzor Ify and Mozann Global Merchant Limited, were arraigned on Thursday before Justice Fadipe on an amended four-count charge bordering on obtaining money by false pretence and stealing.
According to the anti-graft agency, the amended charges became necessary after the arrest of Hannah Nwaguzor Ify, who had previously been declared at large. Olushola and Hola Jay Nigeria Limited had earlier been arraigned, with the first defendant granted bail.
The EFCC alleged that on or about May 15, 2024, the defendants falsely claimed they had the capacity to supply one million litres of Automotive Gas Oil (AGO), thereby fraudulently obtaining N986 million from Prince Chukwulota Bennett Onuoha.
The Commission also accused the defendants of dishonestly converting N84.779 million belonging to Irene Abidemi Ifanse to their personal use in June 2025.
According to the prosecution, the alleged offences contravene Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as Sections 280(1)(a) and 287 of the Criminal Law of Lagos State, 2011.
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When the charges were read in court, all four defendants pleaded not guilty.
Following the plea, prosecution counsel, H. U. Kofarnaisa, urged the court to remand the fourth defendant, Hannah Nwaguzor Ify, in a correctional facility pending the commencement of trial.
Justice Fadipe granted the application and ordered that the fourth defendant be remanded in a correctional centre.
The matter was subsequently adjourned until July 7, 2026, for the commencement of trial.