ABUJA \u2014 The Economic and Financial Crimes Commission (EFCC) has arraigned a Nigerian businessman, his wife, and two of their companies before the Federal High Court in Abuja regarding an alleged \u20a6740 million investment fraud.
Osabohein Alex Ologbose, CEO of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, appeared alongside his wife, Hope Onome Oghelemu, before Justice Ekerete Akpan on Monday. The defendants face a seven-count amended charge involving obtaining money by false pretence, conversion of funds, and money laundering.
According to the EFCC, the accused induced members of the public to invest in a purported export business involving bitter kola and red kolanut to Hong Kong, China, and Indonesia, promising high returns that never materialized.
Prosecution counsel, O.S. Ujam, informed the court that the defendants allegedly violated the Money Laundering (Prevention and Prohibition) Act, 2022.<\/p>\n\n\n\n
\n“The amended charges filed on January 28, 2026, detail how the defendants took possession of over \u20a6340 million paid into a Kuda Microfinance Bank account, knowing, or reasonably ought to have known, that the funds were proceeds of an unlawful act,” Ujam stated.<\/p>\n\n\n\n
Investigations further revealed that \u20a624.1 million of the alleged fraudulent funds was used to establish a music and photo studio in the Gudu District of Abuja.
All defendants pleaded not guilty to the charges.
While defence counsel, Marshal Abubakar, requested that the first defendant maintain his existing administrative bail, he sought bail for the third defendant on compassionate grounds.
“I pray the court to grant bail to the third defendant, considering she is currently nursing a one-year-old baby,” Abubakar pleaded.<\/p>\n\n\n\nHowever, Justice Akpan declined the bail application for the third defendant, ordering her remand at the Suleja Correctional Centre. The judge permitted the first defendant to continue on his administrative bail.
The case has been adjourned until April 27, 2026, for a definite trial hearing.
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