Payment Company CEO Faces EFCC Probe Over Alleged N50 Billion Illegal Forex Case

The CEO of Payment company  and EazzyOil Petroleum Gas Energy Limited, Olusanya Olumide Adediran, has faulted an alleged N50 billion illegal foreign exchange deals case initiated by the Economic and Financial Crimes Commission (EFCC), resulting in ongoing legal disputes, Nairametrics 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 alleged breach of trust and fraudulent diversion against the CEO, Adediran and his two companies are maintaining the development is purely a civil contract.

Legal Developments and Court Position 

• In an affidavit to show cause filed on September 22, 2025, by the companies’ CEO, exclusively seen by Nairametrics, Adediran’s personal secretary, Ndubusi Chima, strongly denies EFCC’s allegation, maintaining 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.
• The official disclosed that under the agreement, the nominal complainant would transfer N32.4 billion to EazzyTranzact, while the payment platform would transfer $24,000,000 to the nominal complainant within a period of 30 days.
• The deponent added that the transfer from the nominal complainant was to be made promptly to avoid fluctuations in currency and market forces.

“Eventually, a delay occurred, and the 3rd respondent notified the nominal complainant of a loss of $16,500,000,” the deponent claimed, highlighting that prior to this transaction, the nominal complainant and the payment company 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 the payment company to recover the financial loss suffered.
• The deponent stated that while the parties further agreed to work on obtaining a Standby Letter of Credit to facilitate the transaction and reach an amicable resolution, the EFCC invited their management over alleged criminal breach of trust and money laundering.

Adediran’s legal team urged the court to hold that EFCC has no basis to allege money laundering over a “civil contract agreement” with Kashton Concepts.

The companies accused EFCC of meddling in civil disputes and criminalizing them.

• At the court proceedings on Tuesday, the legal team for the respondent 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.
• He added he would verify the respondents’ claims that EFCC was chasing occupiers away from the temporarily forfeited property.

Adediran’s legal team requested an order directing EFCC to refrain from harassing occupiers of the property, but the judge declined the oral application, directing the legal team to make a formal application so a ruling can be delivered.

The case was subsequently adjourned to October 15, 2025.

Backstory 

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 Nairametrics, 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 the CEO has allegedly absconded from the jurisdiction of the court and is currently “hibernating in the United Kingdom.” 

• The Commission highlighted it is investigating a petition alleging criminal breach of trust, obtaining money by false pretence, money laundering, and illegal dealings in foreign exchange in respect of the sum of N50,486,718,330.00.
• The EFCC argued that investigations revealed the respondent and his companies made false representations to the nominal complainant as a forex trader capable of satisfying the forex needs of the latter in furtherance of its routine international commercial transactions.
• The Commission added that the nominal complainant paid (in tranches) the sum of N50.4 billion into the accounts of the respondents for the purchase of $31,514,383.00, which was to be delivered within 30 days.

“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.

What to Know 

All eyes are on the court to determine if the assets allegedly linked to Adediran would be finally forfeited to the Federal Government.

Pending the court’s verdict, the claims by the EFCC remain an allegation.

With court processes in, the presiding judge will rely on evidence before the court as well as relevant laws to arrive at decision on the matter.