Two Lagos-based oil tycoons, Hannah Ify Nwaguzor and Ajayi Edward Olushola are in trouble over alleged N986 million diesel fraud.
The Federal High Court in Lagos has granted an interim forfeiture order on a property situated at No. 29 Oyindamola Shogbesan Street, Park View Estate, Ago Palace Way, Lagos, linked to the scam.
Justice Dehinde Dipeolu gave order following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Chineye Okezie.
While presenting the application, Okezie informed the court that the property was suspected to have been acquired with proceeds from a fraudulent diesel transaction involving Hannah Ify Nwaguzor, Ajayi Edward Olushola, and others.
According to the EFCC, it received a petition from Prince Chukwulota Benneth Onuoha and two companies—G3 Solid Farms & Agro Allied Industries and Bohr Energy Ltd—alleging that they were defrauded by the suspects under the guise of supplying Automotive Gas Oil (AGO) worth N986 million.
The petitioners reportedly met Nwaguzor and Olushola through one Irene Abidemi in May 2024.
Relying on representations made by the duo, Bohr Energy Ltd transferred N986 million to Mozann Global Merchants Ltd on May 14 and 15, 2024.
However, the diesel was never supplied, and the funds were allegedly diverted.
EFCC investigations uncovered that N500 million was transferred to Hola Jayu Nigeria Ltd, from which N261 million was paid to Orobosa Michael Ubogu for the purchase of the property now under forfeiture.
The Commission argued that the funds used to buy the property were reasonably suspected to be proceeds of unlawful activity, in violation of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The application, filed under Section 17 of the said Act and Section 44(2)(b) of the 1999 Constitution (as amended), sought to preserve the asset pending the court’s decision on a motion for its final forfeiture.
Granting the application, Justice Dipeolu ordered the EFCC to publish the interim forfeiture order in a national newspaper, calling on any interested parties to appear in court within 14 days to explain why the property should not be permanently forfeited to the Federal Government.
In its written address, the EFCC stressed that interim forfeiture is a legal safeguard to preserve assets suspected to be linked to criminal activity.
The Commission cited the Supreme Court ruling in Dame Patience Jonathan v. FRN, noting that a forfeiture order under Section 17 does not require a prior conviction.
“The level of suspicion needed is not that which proves guilt but one sufficient to reasonably convince the court that the property may be proceeds of crime,” the EFCC stated.
Supporting the motion was an affidavit deposed by EFCC investigative officer Waziri Abdullahi, who said he was assigned to investigate a petition involving allegations of obtaining by false pretence against Nwaguzor, Olushola, and one Mukhatul Makarama.
The affidavit referenced Exhibit EFCC 1—filed by Prince Onuoha and the two companies—which detailed the alleged N986 million fraud involving a diesel transaction.
According to Abdullahi, the complainants had contacted Irene Abidemi in May 2024 to help procure diesel.
Abidemi then introduced them to Nwaguzor, presented as a petroleum dealer operating under Mozann Global Merchants Ltd at Dockyard Wharf, Apapa, Lagos, and to Olushola as her associate.
Following this, Bohr Energy Ltd transferred N986 million to Mozann Global’s Providus Bank account (No. 1304754909) on May 14 and 15. However, no diesel was delivered, and the money was allegedly diverted.
Further investigation showed that N500 million was funneled from Mozann Global’s account to Hola Jayu Nigeria Ltd’s Polaris Bank account (No. 1305217818).
Out of that amount, N261 million was paid to Orobosa Michael Ubogu on May 30 and 31, 2024, to acquire the now-forfeited property.
The EFCC insisted the property listed in Schedule A of its application was purchased with fraudulent proceeds and not from any lawful income.
The Commission urged the court to approve the forfeiture request in the interest of justice.
Justice Dipeolu adjourned the matter to September 2, 2025, for hearing on the motion for final forfeiture.