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 N1.07 billion fraud involving false pretences and conversion of funds.
The defendants are Ajayi Edward Olushola and his company, Hola Jay Nigeria Limited, as well as Hannah Nwaguzor Ify and Mozann Global Merchant Limited.
They 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 EFCC, Olushola and Hola Jay Nigeria Limited had earlier been arraigned and the first defendant was admitted to bail.
However, the charge was amended after the arrest of Hannah Nwaguzor Ify, who had previously been at large, leading to the inclusion of her and Mozann Global Merchant Limited in the case.
One of the charges alleged that the defendants, on or about May 15, 2024, fraudulently obtained N986 million from Prince Chukwulota Bennett Onuoha by falsely claiming they had the capacity to supply one million litres of Automotive Gas Oil (AGO).
The anti-graft agency said the alleged offence contravenes Sections 1(1)(a) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
In another count, the EFCC accused the defendants of dishonestly converting N84.779 million belonging to Irene Abidemi Ifanse to their personal use sometime in June 2025, contrary to Sections 280(1)(a) and 287 of the Criminal Law of Lagos State, 2011.
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The four defendants pleaded not guilty to the charges.
Following their plea, prosecuting counsel, H.U. Kofarnaisa, urged the court to remand the fourth defendant, Hannah Nwaguzor Ify, in a correctional facility pending trial.
Justice Fadipe granted the application and ordered that she be remanded in a correctional centre.
The judge subsequently adjourned the matter until July 7, 2026, for the commencement of trial.
