Ajayi Edward Olushola, alongside his companies, Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited, has been arraigned by the Economic and Financial Crimes Commission for alleged involvement in a N1.07 billion fraud.
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.
The EFCC alleges that Olushola and his accomplices obtained N986 million from Prince Chukwulota Benneth Onuoha and N84.7 million from Irene Abidemi Ifanse under the false pretence of supplying Automotive Gas Oil.
Olushola pleaded “not guilty” to all charges, and his lawyer has applied for bail. The case has been adjourned to January 21, 2026, for trial.
The prosecution counsel, Bilikisu Buhari, has requested the court to remand the defendant in a correctional facility pending trial.
