By Yemi Akinsuyi
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Monday October 27, 2025 arraigned one Ajayi Edward Olushola alongside his companies, Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited, for alleged involvement in a ₦1.07 billion fraud involving the supply of Automotive Gas Oil (AGO) in Lagos.
Olushola and his companies were brought before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja, Lagos, on a four-count charge bordering on obtaining money under false pretence, conspiracy, and stealing to the tune of ₦1,070,779,000.00 (One billion, seventy million, seven hundred and seventy-nine thousand naira).
One of the counts reads: “That Mr. Ajayi Edward Olushola, Hola-Jayu Nigeria Limited, Mozann Global Merchants Limited and Hannah Nwaguzor Ify (at large), on or about 15th May 2024, in Lagos within the jurisdiction of this Honourable Court, by false pretence, that you had the ability to supply one million litres of Automotive Gas Oil (AGO) and with intent to defraud, obtained the total sum of ₦986,000,000.00 (Nine hundred and eighty-six million naira) from Prince Chukwulota Benneth Onuoha for yourselves.”
This contravenes Section 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Another count reads: “Mr. Ajayi Edward Olushola, Hola-Jayu Nigeria Limited, Mozann Global Merchants Limited and Hannah Nwaguzor Ify (at large), on or about 16th May 2024, in Lagos within the jurisdiction of this Honourable Court, by false pretence that you had the ability to supply eighty-two thousand litres of Automotive Gas Oil (AGO), with intent to defraud obtained the sum of ₦84,779,000.00 (Eighty-four million, seven hundred and seventy-nine thousand naira) from Irene Abidemi Ifanse for yourselves.”
The defendants pleaded “not guilty” to all charges when they were read to them
Following the plea, prosecution counsel, Bilikisu Buhari, requested the court to fix a trial date and to remand the defendant in a correctional facility pending trial.
In response, defence counsel, C.J. Jiakionna, prayed the court for a short adjournment to enable him to file a formal bail application for his client.
Justice Olubunmi Abike-Fadipe subsequently adjourned the matter to January 21, 2026, for the commencement of trial, and remanded the defendant in a Correctional Centre.
