The Economic and Financial Crimes Commission has arraigned the Chief Executive Officer of Brookfield Group Holdings, Olatunji Oluwaseun Adebola, also known as White lion, over an alleged N990million fraud.
Adebola was arraigned alongside his company, Brookfield Mining Limited, before Justice C. Ngozi of the Federal Capital Territory High Court sitting in Maitama, Abuja, on Thursday.
The EFCC disclosed the development in a statement shared on its X handle on Thursday.
The defendants were arraigned on a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds involving N990 million.
The commission said the case followed a petition dated April 6, 2026, submitted through the petitioner’s solicitors, BB Dan Habu & Co., alleging that Adebola and his company obtained the money under the guise of facilitating a foreign exchange transaction.
According to the EFCC, the transaction was purportedly for the procurement of $750,000.
The anti-graft agency said the defendants allegedly obtained the funds but subsequently failed to fulfil the purpose for which the money was provided.
Adebola pleaded “not guilty” to 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 remand the defendant in a correctional facility pending the determination of the case.
The defence counsel, however, informed the court that a bail application had been filed on behalf of Adebola.
Ruling on the bail application, Justice Ngozi ordered Adebola 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 matter until September 15, 2026, for further proceedings.
The EFCC did not state in its Thursday update whether the defendant had immediately perfected the bail conditions.
The alleged offences relate to the handling of funds connected to a proposed foreign exchange transaction worth $750,000.
The commission’s allegations have not been proven in court. Adebola pleaded not guilty to the charges and remains presumed innocent unless and until proven guilty.
The case is expected to return before the FCT High Court in September for further proceedings.
