By Lizzy Chirkpi
The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Brookfield Group Holdings, Olatunji Oluwaseun Adebola, also known as Whitelion, over an alleged N990 million fraud.
Adebola and his company, Brookfield Mining Limited, were arraigned on Thursday, August 20, 2026, before Justice C. Ngozi of the Federal Capital Territory High Court sitting in Maitama, Abuja.
The EFCC’s Lagos Zonal Directorate 2 brought a four-count charge against the defendants bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.
According to the commission, the case followed a petition dated April 6, 2026, submitted through the petitioner’s legal representatives, BB Dan Habu & Co. Solicitors.
The petitioner alleged that Adebola and his company obtained N990 million from its client under the guise of facilitating a foreign exchange transaction valued at $750,000.
Adebola pleaded not guilty to all the charges.
Following his plea, EFCC counsel, Oluwakemi Yemi-Makinde, urged the court to adjourn the matter for trial and order that the defendant be remanded in a correctional facility.
Defence counsel, however, informed the court that a bail application had already been filed on behalf of Adebola.
Ruling on the application, Justice Ngozi granted the defendant conditional bail and directed him to provide two sureties.
The court stipulated that one of the sureties must be a civil servant on Grade Level 15, while the second must be a civil servant who owns landed property in Abuja.
Justice Ngozi subsequently adjourned the case until September 15, 2026, for further proceedings.
Adebola remains presumed innocent of the allegations until proven guilty by a court of competent jurisdiction.