The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, on Thursday, August 20, 2026, arraigned the Chief Executive Officer (CEO) of Brookfield Group Holdings, Olatunji Oluwaseun Adebola, also known as Whitelion, before Justice C. Ngozi of the Federal Capital Territory (FCT) High Court sitting in Maitama, Abuja, over an alleged ₦990,000,000 (Nine Hundred and Ninety Million Naira) fraud.
Adebola, alongside his company, Brookfield Mining Limited, was arraigned on a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds amounting to ₦990 million.
His arraignment followed a petition dated April 6, 2026, filed by a petitioner through its legal counsel, BB Dan Habu & Co. Solicitors, alleging that the defendants obtained the funds from its client under the guise of facilitating a foreign exchange transaction worth $750,000 (Seven Hundred and Fifty Thousand United States Dollars).
During the proceedings on Thursday, the defendant pleaded not guilty to the charges preferred against him.
Following his plea, prosecution counsel, Oluwakemi Yemi-Makinde, prayed the court for a trial date and the remand of the defendant in a correctional facility.
The defence counsel, however, informed the court of a pending application for bail on behalf of the defendant.
Ruling on the bail application, Justice Ngozi ordered the defendant to produce two sureties, one of whom must be a civil servant on Grade Level 15, while the other must be a civil servant who owns landed property in Abuja.
Justice Ngozi thereafter adjourned the case until September 15, 2026.
