EFCC re-arraigns two suspects, firms over ₦1.07bn fraud in Lagos

Economic and Financial Crimes Commission has re-arraigned two individuals and their companies before the Lagos State High Court over an alleged ₦1.07 billion fraud involving false pretences and diversion of funds.

The defendants, Ajayi Edward Olushola and Hannah Nwaguzor Ify, alongside their companies, Hola Jay Nigeria Limited and Mozann Global Merchant Limited, were arraigned before Justice Fadipe of the Lagos State High Court in Ikeja on Thursday.

According to the EFCC, Olushola and his company had earlier been arraigned, with the first defendant granted bail. However, the charge was amended after the arrest of Nwaguzor, who had previously been at large, leading to the inclusion of both her and her company in the case.

The anti-graft agency alleged that the defendants fraudulently obtained ₦986 million from Prince Chukwulota Bennett Onuoha on May 15, 2024, by claiming they had the capacity to supply one million litres of Automotive Gas Oil (AGO).

The EFCC further accused the defendants of dishonestly converting ₦84.78 million belonging to Irene Abidemi Ifanse to their personal use in June 2025.

According to the commission, the offences contravene provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the Criminal Law of Lagos State, 2011.

The four defendants pleaded not guilty to all charges.

Following their plea, the prosecution applied for the remand of Nwaguzor pending trial.

Justice Fadipe granted the application and ordered that the fourth defendant be remanded in a correctional facility.

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