Reported by: L.Imafidon
Lagos, Nigeria – July 4, 2026 – The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1 in Ikoyi, has re-arraigned two individuals and their companies before the Lagos State High Court in Ikeja over allegations bordering on obtaining money by false pretence and stealing involving an alleged N1.07 billion fraud.
The defendants were re-arraigned on Thursday, July 2, 2026, before Justice Mojisola Fadipe, following the amendment of an existing charge to include additional suspects after the arrest of a previously declared wanted defendant.
The accused persons include Ajayi Edward Olushola and his company Hola Jay Nigeria Limited, alongside Hannah Nwaguzor Ify and her company Mozann Global Merchant Limited.
According to court proceedings, the EFCC initially arraigned Ajayi Edward Olushola and Hola Jay Nigeria Limited, with the first defendant granted bail at an earlier stage of the trial. However, proceedings were later amended after the fourth defendant, Hannah Nwaguzor Ify, who had been declared at large, was subsequently arrested by the anti-graft agency.
Following her arrest, the EFCC amended the charge to include her and Mozann Global Merchant Limited, resulting in the re-arraignment of all four defendants before the court.
The amended four-count charge centres on allegations that the defendants conspired to defraud victims by falsely claiming they had the capacity to supply large quantities of Automotive Gas Oil (AGO), also known as diesel, and subsequently obtained large sums of money under false pretences.
One of the charges stated that on or about May 15, 2024, in Lagos, the defendants allegedly represented that they could supply one million litres of Automotive Gas Oil, a claim which prosecutors say was false and made with intent to defraud, leading to the acquisition of N986 million from a complainant identified as Prince Chukwulota Bennett Onuoha.
Another count alleged that in June 2025, the defendants dishonestly converted an additional N84.7 million belonging to another victim, Irene Abidemi Ifanse, to their personal use, contrary to provisions of the Criminal Laws of Lagos State.
The EFCC told the court that the actions of the defendants amounted to offences under the Advance Fee Fraud and Other Related Offences Act, 2006, as well as the Criminal Laws of Lagos State, 2011.
All four defendants pleaded not guilty to the charges when they were read in court.
Following their plea, prosecution counsel H. U. Kofarnaisa urged the court to remand the fourth defendant in a correctional facility pending trial.
Justice Fadipe granted the request and ordered the remand of the fourth defendant in custody, while adjourning the matter until July 7, 2026, for the commencement of trial proceedings.
The case adds to a growing list of financial crime prosecutions being handled by the EFCC, as the agency continues its crackdown on alleged large-scale fraud schemes involving corporate entities and individuals across Nigeria.
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