EFCC arraigns Brookfield CEO, company over alleged N990m fraud

Brookfield Group Holdings and its Chief Executive Officer, Olatunji ‘Whitelion’ Adebola, were on Thursday arraigned before the FCT High Court in Maitama, Abuja, over an alleged N990 million fraud.

Adebola and Brookfield Mining Limited are facing four charges, including conspiracy, obtaining money by false pretence and dishonest misappropriation of funds.

According to a statement by the Economic and Financial Crimes Commission (EFCC), the arraignment followed a petition dated April 6, 2026, filed through the law firm, BB Dan Habu & Co. Solicitors.

The petitioner alleged that the defendants obtained N990 million from its client under the guise of facilitating a $750,000 foreign exchange transaction.

Adebola pleaded not guilty to the charges.

Following his plea, the prosecution counsel, Oluwakemi Yemi-Makinde, asked the court to remand him in custody and set a date for trial.

However, defence counsel informed the court that a bail application had been filed on behalf of the defendant.

Justice C. Ngozi granted bail to Adebola, subject to the production of two sureties. The sureties, according to the court, must be civil servants on Grade Level 15 and own landed property in Abuja.

The court adjourned the case until September 15, 2026, for further proceedings.