By Ebiere Kekeboro
The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohien Alex Ologbosele, Lexicon Multiconcept Media Limited, and Augustine Osas Iyoha before the Federal High Court in Abuja for allegedly diverting investor funds amounting to about N340 million.
The defendants were arraigned before Justice Ekerete Akpan of the Federal High Court in Abuja on April 14, 2025.
According to the EFCC’s amended charge, the defendants contravened Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, through their actions.
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.”
The EFCC alleged that the defendants diverted investors’ monies, including amounts of N25 million, N32,950,000, and N24,100,000, under the false pretense of exporting bags of bitter kola to China. Several affected investors are expected to 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, with assurance of returns on their investments—which never materialized.
The charge was further 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, the investors were allegedly deceived into partnering with a NEXIM Bank manager who claimed to be involved in the export of bitter kola and red kolanuts to Hong Kong, China, and Indonesia. “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.
At the court session on April 14, 2025, the defendants pleaded not guilty to the EFCC’s charges. Their lawyer, Samuel Agala, requested bail on liberal terms, but EFCC counsel Ogechi Ujam opposed the bail application, 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.