EFCC Arraigns Brookfield CEO Over Alleged N990m Fraud

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, 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 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.

The defendants face a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.

The EFCC said the arraignment followed a petition dated April 6, 2026, submitted through the law firm of BB Dan Habu & Co. Solicitors on behalf of the petitioner.

According to the commission, the defendants allegedly obtained N990 million from the petitioner under the guise of facilitating a foreign exchange transaction involving $750,000.

Adebola pleaded not guilty to all the charges when they were read to him.

Following his plea, EFCC counsel, Oluwakemi Yemi-Makinde, urged the court to remand the defendant in a correctional facility and fix a date for trial.

Counsel to the defendant, however, informed the court that a bail application had been filed on his behalf.

Ruling on the bail application, Justice Ngozi granted the defendant bail and ordered him to produce 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 case until September 15, 2026, for further proceedings.