Olatunji Adebola: EFCC Arrests Brookfield Group CEO Over Alleged N990 Million Fraud

• The EFCC arraigned Brookfield Group Holdings and its CEO Olatunji 'White Lion' Adebola before an FCT High Court on Thursday, August 20, 2026
• The prominent business mogul, popularly known as 'White Lion', faces several charges linked to an alleged N990 million fraud scheme
• Olatunji Oluwaseun Adebola's case was brought before Justice C. Ngozi at the FCT High Court in the Maitama Division of Abuja

Olatunji Oluwaseun Adebola, chief executive officer of Brookfield Group Holdings and widely known by the alias "White Lion", has been arrested and arraigned before a Federal Capital Territory High Court over alleged involvement in a nearly one-billion-naira fraud.

The Economic and Financial Crimes Commission (EFCC) brought the charges against both Adebola and his company, Brookfield Group Holdings, on Thursday, August 21, 2026. The case was filed before Justice C. Ngozi at the FCT High Court, Maitama Division, in Abuja.

According to a report by Peoples Gazette Nigeria shared on Friday, August 21, 2026, the EFCC's arraignment centres on alleged fraudulent dealings amounting to N990 million (GHS8,177,937), a figure that places the case among the more significant financial crime prosecutions handled by the anti-corruption agency in recent months.

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Brookfield Group CEO faces fraud charges

The EFCC confirmed that both the corporate entity and its chief executive were charged together, signalling that prosecutors are pursuing accountability at both the individual and institutional levels.

The four charges relate to what authorities described as a large-scale fraud operation orchestrated through the company.

Adebola, along with his company, Brookfield Mining Limited, is accused of conspiracy, obtaining money by false pretence, and dishonest misappropriation of funds.

The arrested business mogul's arraignment came after a petition dated April 6, 2026, filed by a petitioner through a legal counsel, 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 worth $750,000, according to a statement by the EFCC on Thursday.

During his arraignment, the Brookfield Group CEO pleaded not guilty, prompting the prosecution counsel, Oluwakemi Yemi-Makinde, to seek a trial date and the defendant’s remand in prison custody.

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However, the defence counsel informed the court of a pending bail application for Adebola.

The judge later ordered him to produce two sureties who must be civil servants on Grade Level 15 and own landed property in Abuja, respectively, and adjourned the case until September 15, 2026.

EFCC's ongoing crackdown on financial crime

The EFCC has continued to pursue high-profile fraud suspects across Nigeria, with this latest arraignment reinforcing the agency's stated commitment to holding corporate actors accountable for alleged economic crimes.

Brookfield Group Holdings, under Adebola's leadership, now faces the full weight of the judicial process as the case proceeds before the Maitama court.

The Instagram post detailing the arrest of Olatunji Adebola is below:

Ghanaian businessman arrested over alleged fraud

Earlier, YEN.com.gh detailed the arrest of businessman and gold dealer Peter Ofosu Ayeh, who faced charges for an alleged GH¢160,000 fraud involving 1 kilogram of gold.

This high-profile case caught public attention not just for the alleged crime but for the dramatic footage of the businessman being escorted by police.

Source: YEN.com.gh