The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, Ikoyi, on Thursday, July 2, 2026, arraigned two persons and two companies before a Lagos State High Court in Ikeja over an alleged N1.07 billion fraud.
The defendants are Ajayi Edward Olushola and his company, Hola Jay Nigeria Limited, and Hannah Nwaguzor Ify and her company, Mozann Global Merchant Limited.
They were re-arraigned before Justice Fadipe on an amended four-count charge bordering on obtaining money by false pretence and stealing.
Ajayi Edward Olushola and Hola Jay Nigeria Limited had previously been arraigned before the court, with the first defendant granted bail. However, the fourth defendant, Hannah Nwaguzor Ify had remained at large.
Following the successful arrest of the fourth defendant by the EFCC, the charge was amended to include both her and the third defendant, Mozann Global Merchant Limited. Consequently, all four defendants were arraigned on the amended charges.
One of the counts reads: “That you, Ajayi Edward Olushola, Hola Jay Nigeria Limited, Mozann Global Merchant Limited and Hannah Nwaguzor Ify, 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” and committed an offence contrary to Section 1(1) (a) and 1(3) of the Advance Fee Fraud and other Fraud related offences Act, 2006.
Another count reads:”That you, Ajayi Edward Olushola, Hola Jay Nigeria Limited, Mozann Global Merchant Limited and Hannah Nwaguzor Ify, 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” and committed an offence contrary to Section 280(1)(a) and 287 of the Criminal Laws of Lagos State, 2011
The defendants pleaded “not guilty” to all four counts when they were read to them.
Following their plea, prosecution counsel, H. U. Kofarnaisa, prayed the court to remand the fourth defendant in a Correctional centre pending trial.
Justice Fadipe granted the application and ordered that the fourth defendant be remanded in a Correctional centre. The case was thereafter adjourned till July 7, 2026, for commencement of trial.
