The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohien Alex Ologbosele, Lexicon Multiconcept Media Limited, and Augustine Osas Iyoha for allegedly diverting investor funds amounting to about N340 million.
They were arraigned before Justice Ekerete Akpan of the Federal High Court, Abuja Division, on April 14, 2025.
In the EFCC’s amended charge marked FHC/ABJ/CR/86/2025, the defendants were accused of contravening Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, through their actions.
EFCC Allegations
One of the charges reads:
“That you, Osabohien Alex Ologbosele, sometime in the years 2023 and 2024, in Abuja, within the jurisdiction of this Honourable Court, directly took possession of the total sum of N340,000,000 (Three Hundred and Forty Million Naira), paid into your account number 2022773919 domiciled at Kuda Microfinance Bank, from the account of Hope Onome Ogholemu with account number 0827261710 domiciled at Access Bank, when you knew or reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act; and you thereby committed an offence contrary to Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.”
- Lexicon Multiconcept Media Limited was also accused of directly possessing part of the funds.
- At various times between 2023 and 2024, the EFCC alleged that the defendants diverted investors’ monies, including amounts of N25 million, N32,950,000, and N24,100,000.
The EFCC’s court documents seen by Nairametrics state that several affected investors will testify about how they were allegedly induced to pay various sums of money into the accounts of Hope Onome Oghelemu and Onome Global Market Resources Limited, under the false pretense that the funds were for the export of bags of bitter kola to China, with promises of returns on their investments—which never materialized.
- The charge was supported by a petition from the law firm, Paul Erokoro & Co., which alleged fraudulent misrepresentation, obtaining money by false pretenses, and diversion of funds totaling N739,670,000 belonging to their clients.
- According to the petition, on March 20, 2023, Mr. Okafor Modestus and his friend, Mr. Maidebino Muktha,r approached NEXIM Bank to inquire about the procedures for exporting ginger and the requirements for obtaining export-related loans.
- They were attended to by a NEXIM Bank manager who, during their interaction, allegedly disclosed that she was personally involved in the export of bitter kola and red kolanuts to Hong Kong, China, and Indonesia.
- The bank staff reportedly invited Mr. Okafor and others to partner with her in the export venture.
“The total amount invested by the petitioners amounted to N739,670,000, which was paid into the company account of Onome Global Market Resources Limited under the guise of financing the procurement and export of bitter kola,” the petition partly reads.
- The petition further claims that the investors were allegedly deceived and that the relevant individuals may have diverted the invested funds for personal gain.
What Transpired in Court
At the court session on April 14, 2025, the defendants pleaded not guilty to the EFCC’s charges as read by the court registrar.
- Their lawyer, Samuel Agala, seized the opportunity to request bail on liberal terms.
- However, EFCC counsel Ogechi Ujam opposed the bail application, insisting that the defendants might evade justice if granted bail, citing the alleged hostile behavior of the suspects during the investigation.
- After hearing from both sides, the judge adjourned the matter to May 2 for a ruling on the bail application and ordered the defendants to be remanded in custody.
