EFCC has arraigned Brookfield CEO Olatunji Adebola over alleged ₦990m forex fraud.
NewsOnline Nigeria reports that 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 ₦990 million foreign exchange 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, August 20, 2026.
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The EFCC’s Lagos Zonal Directorate 2 brought the defendants before the court on a four-count charge of conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.
The case followed a petition dated April 6, 2026, submitted through the law firm of BB Dan Habu & Co. Solicitors.
According to the petition, Adebola and his company allegedly obtained ₦990 million from the complainant under the pretence of facilitating a foreign exchange transaction valued at $750,000.
When the charges were read to him, Adebola pleaded not guilty.
Following his plea, EFCC counsel Oluwakemi Yemi-Makinde asked the court to set a date for trial and remand the defendant in a correctional facility.
The defence counsel, however, informed the court that a bail application had already been filed on Adebola’s behalf.
Ruling on the application, Justice Ngozi granted the defendant bail subject to the provision of two sureties.
The court directed that one of the sureties 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 subsequently adjourned the case until September 15, 2026, for further proceedings.
The allegations against Adebola and Brookfield Mining Limited remain unproven unless and until established by the court.
