Emmanuel Ukudolo I Tuesday, Oct.28, 2025
A BUSINESS executive has been locked up after being charged over a colossal N1.07 BILLION fraud involving a ‘phantom’ fuel deal.
Ajayi Edward Olushola, along with his companies Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited, appeared in court in Lagos, Nigeria, yesterday facing four counts of obtaining money under false pretence, conspiracy, and stealing.
The massive sum is equivalent to roughly £1 million and relates to the non-supply of Automotive Gas Oil (AGO), or diesel.
The Economic and Financial Crimes Commission (EFCC) brought the charges against Olushola before Justice Olubunmi Abike-Fadipe at the Special Offences Court, Ikeja.
In a dramatic court hearing, prosecutors laid out how Olushola and his alleged co-conspirators, including Hannah Nwaguzor Ify (at large), are accused of duping two victims out of the staggering sums.
One charge alleges the group promised to deliver one million litres of diesel to Prince Chukwulota Benneth Onuoha on or about May 15, 2024, but instead allegedly pocketed ₦986,000,000.00 – just shy of a billion naira.
Another count details how they allegedly pulled a similar trick just a day later, conning Irene Abidemi Ifanse out of ₦84,779,000.00 for a promised eighty-two thousand litres of the essential fuel.
Olushola and his firms pleaded “not guilty” to all the charges.
Following the plea, the defence counsel requested a short adjournment to file a formal bail application for his client.
But Justice Abike-Fadipe showed no mercy, ordering the accused remanded in a Correctional Centre pending trial.
The case has been adjourned until January 21, 2026, when the blockbuster trial is set to kick off.
