EFCC Re-arraigns Two, Firms Over Alleged N986m Fraud in Lagos

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 fraud involving about N986 million and the alleged diversion of additional funds.

The anti-graft agency disclosed the development in a statement posted on its official X handle on Friday, July 3.

According to the EFCC, its Lagos Zonal Directorate 1, Ikoyi, on Thursday re-arraigned Ajayi Edward Olushola and his company, Hola Jay Nigeria Limited, alongside Hannah Nwaguzor Ify and her company, Mozann Global Merchant Limited, before Justice Fadipe on an amended four-count charge bordering on obtaining money by false pretence and stealing.

“The Commission also arraigned Hannah Nwaguzor Ify and her company, Mozann Global Merchant Limited, before Justice Fadipe of the Lagos State High Court, Ikeja, over an alleged N1.07 billion fraud.

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“The first and second defendants were re-arraigned on an amended four-count charge bordering on obtaining money by false pretence and stealing of funds amounting to N1.07 billion,” the statement reads.

The Commission said the charges stem from allegations involving about N1.07 billion, including the alleged fraudulent collection of N986 million under the pretext of supplying Automotive Gas Oil (AGO) and the alleged conversion of another N84.779 million belonging to a different complainant.

The EFCC explained that Olushola and Hola Jay Nigeria Limited had earlier been arraigned, with the first defendant granted bail, while Nwaguzor had remained at large.

It stated that following the arrest of Nwaguzor, the charge was amended to include her and Mozann Global Merchant Limited, leading to the re-arraignment of all four defendants.

One of the charges alleged that the defendants, “on or about May 15, 2024, in Lagos, within the jurisdiction of this Honourable Court, by false pretence, represented that you had the capacity to supply one million litres of Automotive Gas Oil (AGO), and with intent to defraud, obtained the sum of N986,000,000.00 (Nine Hundred and Eighty-Six Million Naira) from Prince Chukwulota Bennett Onuoha for yourselves.”

Another count alleged that the defendants, “sometime in June 2025, in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the sum of N84,779,000.00 (Eighty-Four Million, Seven Hundred and Seventy-Nine Thousand Naira), from Irene Abidemi Ifanse for yourselves.”

The defendants pleaded not guilty to all four counts.

Following the plea, prosecution counsel, H. U. Kofarnaisa, urged the court to remand the fourth defendant in a correctional facility pending trial.

Justice Fadipe granted the application and ordered that Nwaguzor be remanded in a correctional centre.

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