EFCC Arraigns Two Individuals, Two Firms Over Alleged ₦1.07bn Fraud in Lagos

The Economic and Financial Crimes Commission, Lagos Zonal Directorate 1, Ikoyi, on Thursday, July 2, 2026, re-arraigned Ajayi Edward Olushola and his company, Hola Jay Nigeria Limited, before the Lagos State High Court, Ikeja.

In a statement signed by Dele Oyewale Head, Media & Publicity said te Commission also arraigned Hannah Nwaguzor Ify and her company, Mozann Global Merchant Limited, before Justice Fadipe over an alleged ₦1.07 billion fraud.

The four defendants were re-arraigned on an amended four-count charge bordering on obtaining money by false pretence and stealing.

Olushola and Hola Jay Nigeria Limited were previously arraigned, with Olushola granted bail. Nwaguzor had been at large until her arrest by the EFCC. Following her arrest, the charge was amended to include her and Mozann Global Merchant Limited.

One count alleges that Olushola, Hola Jay Nigeria Limited, Mozann Global Merchant Limited, and Nwaguzor, on or about May 15, 2024, in Lagos, falsely claimed they had the capacity to supply one million litres of Automotive Gas Oil and obtained ₦986,000,000 from Prince Chukwulota Bennett Onuoha with intent to defraud. The offence is contrary to Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Another count states that the defendants, sometime in June 2025 in Lagos, dishonestly converted ₦84,779,000 belonging to Irene Abidemi Ifanse to their own use. The offence is contrary to Sections 280(1)(a) and 287 of the Criminal Laws of Lagos State, 2011.

All four defendants pleaded not guilty to the charges.

Prosecution counsel, H. U. Kofarnaisa, asked the court to remand Nwaguzor in a correctional centre pending trial. Justice Fadipe granted the application and ordered her remanded.

The case was adjourned to July 7, 2026, for commencement of trial.