EFCC Arraigns Brookfield Group Holdings CEO, Olatunji Adebola, for Alleged N990m Fraud

A businessman, Olatunji Oluwaseun Adebola, popularly known as Whitelion, has been dragged before a Federal Capital Territory High Court in Abuja over an alleged N990 million fraud. The Economic and Financial Crimes Commission (EFCC) arraigned Olatunji Oluwaseun Adebola and his company, Brookfield Mining Limited, before Justice C. Ngozi of the FCT High Court sitting in Maitama on a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.

The EFCC alleged that the defendants were involved in the alleged diversion of N990 million obtained in connection with a $750,000 foreign exchange transaction.

The case followed a petition dated April 6, 2026, submitted by a complainant through its lawyers, BB Dan Habu & Co. Solicitors.
According to the petition, the defendants allegedly collected the money from the petitioner’s client under the pretext of facilitating the foreign exchange transaction.

Adebola pleaded not guilty to all the charges when they were read to him in court. Following his plea, EFCC counsel, Oluwakemi Yemi-Makinde, asked the court to fix a date for trial and order the defendant’s remand in a correctional facility. The defence counsel, however, told the court that an application seeking bail for Adebola was already pending.

Justice Ngozi subsequently granted the defendant bail, subject to stringent conditions.
The judge ordered Adebola to produce two sureties, with one required to be a civil servant on Grade Level 15, while the second must also be a civil servant who owns landed property in Abuja.

The court adjourned the case until September 15, 2026, for further proceedings.