Ajayi Edward Olushola, CEO, Hola-Jayu Nigeria , Mozann Global Merchants, In Trouble Over Alleged N1.07 Billion Diesel Fraud

Ajayi Edward Olushola

OpenLife Nigeria reports that a businessman, Ajayi Edward Olushola, alongside his companies Hola-Jayu Nigeria Limited and Mozann Global Merchants Limited, have been arraigned before an Ikeja Special Offences Court, Lagos, over an alleged N1.07 billion fraud involving the supply of Automotive Gas Oil popularly called diesel.

Ajayi and his companies were arraigned before Justice Olubunmi Abike-Fadipe’s court by the operatives of the Economic and Financial Crimes Commission (EFCC) on Monday.

Olushola and his firms were were arraigned on a four-count charge bordering on obtaining money under false pretence, conspiracy, and stealing to the tune of N1,070,779,000 billion.

The EFCC accused Olushola and others, who include one Hannah Nwaguzor Ify (now at large), of fraudulently obtained N986 million from one Prince Chukwulota Benneth Onuoha on May 15, 2024, under the guise of supplying one million litres of Automotive Gas Oil.

They were alleged to have obtained an additional N84.7 million from one Irene Abidemi Ifanse, using a similar false claim of supplying 82,000 litres of AGO, following day.

The prosecutor, Barrister Bilikisu Buhari-Bala, urged the court to fix a trial date and remand the defendant pending trial, while defence counsel, C.J. Jiakiponna, sought a short adjournment to file a formal bail application.

Justice Abike-Fadipe thereafter adjourned the matter to January 21, 2026, for the commencement of trial, while ordered that the defendant be remanded in a correctional facility center.