The CEO of EazzyTranzact Payment Services Africa Limited and EazzyOil Petroleum Gas Energy Limited, Olusanya Olumide Adediran, is facing an alleged N50 billion illegal foreign exchange deals case initiated by the Economic and Financial Crimes Commission (EFCC), resulting in ongoing legal disputes, Naijaonpoint reports.
The parties, currently before the Federal High Court Abuja, are contesting the legality of an interim forfeiture order made against properties in Lekki and Victoria Island, Lagos, allegedly linked to Adediran and the two companies.
While the EFCC is attempting to establish an alleged breach of trust and fraudulent diversion against the CEO, Adediran and his two companies are maintaining that the development is purely a civil contract.
In an affidavit to show cause filed on September 22, 2025, by the CEO of EazzyTranzact, a Central Bank of Nigeria (CBN) licensed International Money Transfer Operator (IMTO), and EazzyOil, exclusively seen by Naijaonpoint, Adediran’s personal secretary, Ndubusi Chima, maintained that while the EFCC alleges money laundering, his boss entered into a “Bilateral Currency Exchange Forward Agreement” with Kashton Concepts (nominal complainant) in July 2024.
“Eventually, a delay occurred, and EazzyTranzact notified the nominal complainant of a loss of $16,500,000,” the deponent claimed, highlighting that prior to this transaction, the nominal complainant and EazzyTranzact had carried out transactions worth over $100,000,000.
Chima maintained that the nominal complainant did not deny previous transactions but assured them of an increase in the volume of trade and further gave assurance of prompt payment to enable EazzyTranzact to recover the financial loss suffered.
At the court proceedings on Tuesday, Adediran’s legal team asked Justice Mohammed Umar to caution EFCC operatives against “preempting the court” by chasing occupiers of the properties away since the interim order obtained has not been made final.
Responding, EFCC lawyer, Samuel Chime, said the properties in question have been forfeited to the federal government in the interim, following the ex parte motion on interim forfeiture previously granted by the court.
He said, “We need to preserve the property” pending the final forfeiture.
The case was subsequently adjourned to October 15, 2025.
On May 14, 2025, the EFCC obtained an interim forfeiture order against 10 flats of a 4-storey building, 2 blocks of 2-storey buildings (all in Victoria Island, Lagos), 6 blocks of 2-storey buildings (in Lekki Phase 1, Lagos), and five cars linked to Adediran and his companies.
Prior to that order, the EFCC, in its affidavit seen exclusively by Naijaonpoint, stressed that the properties sought to be forfeited are reasonably suspected to have been acquired with proceeds of unlawful activities associated with illegal dealings in foreign exchange.
The EFCC said Mr Olusanya Olumide Adediran has allegedly absconded from the jurisdiction of the court and is currently “hibernating in the United Kingdom.”
“Immediately after receipt of the said funds, the respondents transferred the monies to various accounts, some linked personally to Adediran,” the EFCC explained.
The Commission highlighted that Adediran was invited for an interview but absconded to the UK and has allegedly refused to honor the invitation.