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 was arraigned alongside Brookfield Mining Limited before Justice C. Ngozi of the Federal Capital Territory High Court sitting in Maitama, Abuja, on Thursday, August 20, 2026.
The defendants are facing a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds involving N990 million.
According to the EFCC, the case followed a petition dated April 6, 2026, submitted through the law firm of BB Dan Habu & Co. Solicitors on behalf of the complainant.
The petition alleged that the defendants obtained the N990 million under the pretext of facilitating a foreign exchange transaction valued at $750,000.
During Thursday’s proceedings, Adebola pleaded not guilty to the charges.
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.
However, defence counsel informed the court that a bail application had been filed on behalf of the defendant.
Ruling on the bail application, Justice Ngozi directed the defendant to produce two sureties. 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 within Abuja.
The court subsequently adjourned the matter until September 15, 2026, for further proceedings.
The allegations against the defendant remain subject to determination by the court.
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