Brookfield Group Holdings and its CEO, Olatunji ‘Whitelion’ Adebola, were arraigned on Thursday before Justice C. Ngozi of the FCT High Court, Maitama Division, for alleged N990 million fraud.

Mr Adebola and his company face four charges, including conspiracy, obtaining money by false pretence, and dishonest misappropriation of funds totalling N990 million.

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

His arraignment followed a petition dated April 6, 2026, filed by a petitioner through a legal counsel, BB Dan Habu & Co. Solicitors, alleging 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 Economic and Financial Crimes Commission on Thursday.

Mr Adebola, however, pleaded not guilty, prompting the prosecution counsel, Oluwakemi Yemi-Makinde, to ask the court for a trial date and the defendant’s remand in prison custody.  

But defence counsel informed the court of a pending bail application for Mr Adebola.

The judge ordered him to produce two sureties who must be civil servants on Grade Level 15 and own landed property in Abuja, respectively.

The court adjourned the case until September 15, 2026.