The CEO of Payment company, EazzyTransact and EazzyOil Petroleum Gas Energy Limited, Olusanya Olumide Adediran, is currently facing a probe initiated by the Economic and Financial Crime Commission (EFCC) over an alleged N50 Billion illegal forex deal.
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.
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.
