EFCC arraigns couple, two firms over N740m investment fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, his wife and two companies over an alleged N740 million investment fraud before the Federal High Court in Abuja.

The defendants — Osabohein Alex Ologbose, Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, and his wife, Hope Onome Oghelemu — were docked on Monday before Justice Ekerete Akpan alongside their companies.

They are facing a seven-count charge bordering on obtaining by false pretence, conversion of funds and money laundering to the tune of about N740 million, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

At the arraignment, prosecution counsel O.S. Ujam informed the court that amended charges had been filed and requested that they be read to the defendants.

According to the EFCC, Ologbose allegedly took possession of N340 million paid into his bank account between January 2023 and April 2024, which investigators believe formed part of proceeds of unlawful activities. He was also accused of using N24.1 million from the same funds to establish and operate a music and photo studio in Abuja.

The anti-graft agency further alleged that the defendants solicited funds from members of the public under the guise of investments for the procurement and export of bitter kola and red kolanut to Hong Kong, China and Indonesia, with promises of attractive returns. However, investors reportedly neither received returns on investment nor refunds of their capital.

The defendants pleaded not guilty to all charges.

Following the plea, the prosecution sought a trial date. Defence counsel requested that Ologbose continue on administrative bail and asked the court to grant bail to his wife, citing the need to care for their one-year-old child.

In his ruling, Justice Akpan allowed the first defendant to remain on the administrative bail earlier granted but denied bail to the wife, ordering her remand at the Suleja Correctional Centre. The case was adjourned until April 27, 2026, for trial.

The EFCC said investigations into the matter are ongoing.