EFCC Arraigns Businessman for Alleged N459m Fraud
Abuja, April 24, 2025
The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohem Ologbosele, along with his company and an employee, Augustine Iyoha, before Justice Akpan of the Federal High Court in Abuja over alleged fraud and money laundering totaling N459,050,000.
According to a statement posted on the EFCC’s official X handle on Thursday, the trio was arraigned on a six-count amended charge bordering on obtaining money under false pretenses and laundering criminal proceeds.
Prosecuting counsel, O.S. Ujam, notified the court of her intention to substitute the original charges filed on March 7, 2025, with an amended version dated March 10, 2025. The court granted the request.
One of the charges reads:
“That you, Osabohien Alex Ologbosele, sometime in 2023 and 2024 in Abuja, within the jurisdiction of this Honourable Court, directly took possession of the total sum of N340,000,000 paid into your Kuda Microfinance Bank account by Hope Onome Ogholemu, knowing or reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act, thereby committing an offence contrary to Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022, and punishable under Section 18 (3) of the same Act.”
Another count accuses Lexicon Multiconcept Media Limited of receiving N16 million from Ologbosele into its Moniepoint Microfinance Bank account, allegedly as part of the proceeds of criminal activity.
All defendants pleaded not guilty to the charges.
Following their plea, Ujam requested an adjournment to allow the prosecution to present its case and call witnesses. Defence counsel, Samuel Ogala, urged the court to grant bail to the defendants, referencing applications filed in March 2025.
However, Ujam opposed the bail applications, citing concerns over flight risk. She told the court that the first defendant, Ologbosele, was arrested in November 2023 but absconded until February 2025, raising fears he might not appear for trial if granted bail.
Justice Akpan adjourned the case to May 2, 2025, for ruling on the bail applications. In the meantime, the defendants were ordered to be remanded in Kuje Correctional Centre.
