The Economic and Financial Crimes Commission has arraigned two individuals and their companies before the Lagos State High Court in Ikeja over an alleged ₦1.07 billion fraud involving false business claims and the diversion of funds.
The defendants, Ajayi Edward Olushola, Hannah Nwaguzor Ify and their respective companies, Hola Jay Nigeria Limited and Mozann Global Merchant Limited, were brought before Justice Fadipe on an amended four-count charge bordering on obtaining money by false pretence and stealing.
The fresh arraignment followed the arrest of Hannah Nwaguzor Ify, who had earlier been declared wanted after failing to appear in court during the initial proceedings.
According to the EFCC, Olushola and his company had previously been arraigned and were already enjoying court-granted bail before the arrest of the second suspect.
The anti-graft agency alleged that on May 15, 2024, the defendants falsely claimed they had the capacity to supply one million litres of Automotive Gas Oil (diesel), thereby obtaining ₦986 million from businessman Prince Chukwulota Bennett Onuoha.
The commission also accused the defendants of dishonestly converting ₦84.779 million belonging to Irene Abidemi Ifanse for personal use in a separate transaction said to have taken place in June 2025.
EFCC prosecutors maintained that the alleged offences contravened the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, as well as relevant provisions of the Criminal Law of Lagos State.
When the amended charges were read in court, all four defendants pleaded not guilty to the allegations.
Following the arraignment, prosecution counsel H. U. Kofarnaisa asked the court to remand Hannah Nwaguzor Ify, who was recently arrested after previously evading trial.
Justice Fadipe granted the application and ordered that the defendant be remanded in a correctional facility, before adjourning the case until July 7, 2026, for the commencement of trial.