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 N990 million fraud.
Adebola and his company, Brookfield Mining Limited, were arraigned on Thursday, August 20, 2026, 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 amounting to N990 million.
The arraignment followed a petition dated April 6, 2026, submitted through the petitioner’s legal representatives, BB Dan Habu & Co. Solicitors.
The petitioner alleged that the defendants obtained the funds from its client under the guise of facilitating a foreign exchange transaction involving $750,000.
When the charges were read to him in court, Adebola pleaded not guilty to all the counts.
Following his plea, EFCC counsel, Oluwakemi Yemi-Makinde, urged the court to remand the defendant in a correctional facility and grant the prosecution a date for trial.
Defence counsel, however, informed the court that an application for bail had been filed on behalf of the defendant.
Ruling on the bail application, Justice Ngozi granted bail to Adebola subject to the production of two sureties.
The judge 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.
The alleged offences remain subject to determination by the court.
