Olatunji Oluwaseun Adebola, also known as Whitelion, pleaded not guilty as the court imposed two sureties for his bail
Olatunji Oluwaseun Adebola, Chief Executive Officer of Brookfield Group Holdings, was arraigned by the Economic and Financial Crimes Commission on Thursday, August 20, 2026, over an alleged ₦990 million fraud linked to a $750,000 foreign exchange transaction.
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Adebola, also known as Whitelion, was arraigned alongside Brookfield Mining Limited before Justice C. Ngozi of the Federal Capital Territory High Court sitting in Maitama, Abuja.
The defendants face a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds, according to the EFCC.
The alleged ₦990m fraud case followed a petition dated April 6, 2026, submitted through BB Dan Habu & Co. Solicitors on behalf of the petitioner.
The EFCC alleged that Adebola and his company obtained the money under the guise of facilitating a foreign exchange transaction valued at $750,000.
Adebola pleaded not guilty to the charges when they were read to him in court.
Following the plea, prosecution counsel Oluwakemi Yemi-Makinde asked the court to set a date for trial and remand the defendant in a correctional facility.
Defence counsel, however, informed the court that a bail application had already been filed on Adebola’s behalf.
Justice Ngozi subsequently granted bail subject to conditions requiring 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 in Abuja.
The court adjourned the case until September 15, 2026, when the matter is expected to come up for further proceedings.
The allegations remain unproven, and Adebola is presumed innocent unless and until a court determines otherwise.
The case adds to the EFCC’s continuing prosecution of alleged financial crimes involving substantial sums and transactions presented to investigators as legitimate business dealings.
The alleged transaction is particularly notable because it involved foreign exchange at a time when Nigeria’s currency market and access to dollars remain closely watched by businesses and regulators.
The court proceedings will now provide an opportunity for the prosecution to present evidence supporting its allegations and for Adebola and Brookfield Mining Limited to challenge the claims through their legal representation.
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The September hearing is expected to bring further clarity to the circumstances surrounding the alleged transaction and the basis of the EFCC’s case.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
