The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Brookfield Group Holdings, Olatunji Adebola, also known as Whitelion, over an alleged N990 million fraud.
The EFCC arraigned Adebola alongside his company, Brookfield Mining Limited, on a four-count charge bordering on conspiracy, obtaining money by false pretence and dishonest misappropriation of funds amounting to N990 million, adding that the defendants obtained the money from its client under the guise of facilitating a foreign exchange transaction worth $750,000.
At the Federal Capital Territory High Court sitting in Maitama, Abuja on Thursday, the transaction was allegedly presented to the petitioner as a legitimate foreign exchange deal, resulting in the transfer of the funds to the defendants.
It was disclosed that the case followed a petition dated April 6, 2026, submitted by a petitioner through its legal counsel, BB Dan Habu & Co. Solicitors, alleging, after which Adebola pleaded not guilty to all the charges read to him in court, denying the allegations contained in the charge.
Following the plea, prosecution counsel, Oluwakemi Yemi-Makinde, asked the court to remand the defendant in a correctional facility pending trial and prayed for a date to commence the hearing of the case.
Defence counsel, however, informed the court that an application seeking bail for the defendant was pending and urged the court to consider the application.
Ruling on the bail application, Justice Ngozi granted the defendant bail subject to conditions requiring him to produce two sureties.
The judge ordered that one of the sureties must be a civil servant on Grade Level 15, while the second must be a civil servant who owns a landed property within Abuja.
Justice Ngozi subsequently adjourned the matter until September 15, 2026, for further proceedings.