The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1 in Ikoyi, on Thursday, July 2, 2026, re-arraigned Ajayi Edward Olushola and his company, Hola Jay Nigeria Limited.
The Commission also arraigned Hannah Nwaguzor Ify and her company, Mozann Global Merchant Limited, before Justice Fadipe of the Lagos State High Court, Ikeja, over an alleged N1.07 billion fraud.
The first and second defendants were re-arraigned on an amended four-count charge bordering on obtaining money by false pretence and stealing of funds amounting to N1.07 billion.
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 talse 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.
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