The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate, has officially brought charges against two individuals and their associated companies in connection with an alleged N1.07 billion fraud. The proceedings took place on Thursday, July 2, 2026, before Justice Fadipe of the Lagos State High Court, Ikeja.
The defendants, Ajayi Edward Olushola, Hannah Nwaguzor Ify, and their respective firms—Hola Jay Nigeria Limited and Mozann Global Merchant Limited—were arraigned on an amended four-count charge. These charges center on allegations of obtaining money under false pretenses and the criminal conversion of funds.
The legal action follows the apprehension of the fourth defendant, Hannah Nwaguzor Ify, who had previously evaded authorities. Her arrest allowed the EFCC to consolidate the case and proceed with the amended charges against all parties.
According to the prosecution, the group allegedly defrauded Prince Chukwulota Bennett Onuoha of N986 million on May 15, 2024. The defendants reportedly claimed to have the capacity to supply one million liters of Automotive Gas Oil (AGO), an assertion prosecutors state was made with the intent to defraud. Additionally, the defendants are accused of dishonestly converting N84.7 million belonging to Irene Abidemi Ifanse in June 2025.
All defendants entered a plea of “not guilty” to the four-count charge. Following the plea, prosecution counsel H. U. Kofarnaisa successfully applied for the remand of the fourth defendant, Hannah Nwaguzor Ify, in a correctional facility pending the commencement of trial.
Justice Fadipe granted the application for remand and has adjourned the matter until July 7, 2026, for the start of the trial proceedings.
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