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EFCC Charges Abuja Couple Over N740 Million Fraud Allegations
On Monday, February 16, the Economic and Financial Crimes Commission (EFCC) formally arraigned an Abuja-based couple, Osabohein Ologbose and his wife, Hope Oghelemu, before Justice Ekerete Akpan at the Federal High Court in Abuja. They face serious accusations involving fraudulent activities amounting to N740 million.
Details of the Charges and Involved Entities
The couple, together with two corporate bodies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—were indicted on seven counts. These charges include obtaining money by false pretenses, misappropriation of funds, and money laundering, all in violation of Section 18(2)(b) and punishable under Section 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Alleged Financial Transactions Under Scrutiny
According to the EFCC, between January 2023 and April 2024, Ologbose allegedly received N340 million into his Kuda Microfinance Bank account, transferred from an Access Bank account registered under his wife’s name. It is claimed that he should have reasonably known that these funds were proceeds of unlawful activities.
Further allegations state that N24.1 million from the same source was used to set up a music and photography studio located at Crowther Plaza, Gudu District, Abuja. The commission asserts that Ologbose was aware, or ought to have been aware, that this money was derived from illicit sources.
Investor Deception and Unfulfilled Promises
The EFCC also revealed that the couple solicited investments from unsuspecting individuals for the supposed procurement and export of bitter kola and red kolanut to international markets including Hong Kong, China, and Indonesia. Investors were lured with promises of lucrative returns; however, investigations uncovered that none of the investors received their expected profits or refunds of their principal investments.
Legal Proceedings and Bail Decisions
During the arraignment, defense lawyer Marshal Abubakar petitioned for the continuation of administrative bail for Ologbose and requested bail for Oghelemu, highlighting that she is caring for a one-year-old infant. Justice Akpan granted the continuation of bail for Ologbose but denied bail for Oghelemu, ordering her detention at Suleja Correctional Centre.
The court scheduled the next hearing for April 27, 2026, to proceed with a substantive trial.
EFCC’s Commitment to Combating Financial Crime
This arraignment underscores the EFCC’s persistent efforts to clamp down on large-scale financial fraud within Nigeria. The commission continues to prioritize accountability and transparency by prosecuting individuals and organizations involved in economic crimes.
Contextual Insight
Financial fraud remains a significant challenge in Nigeria, with the EFCC reporting over 1,200 cases of economic crimes in the first quarter of 2024 alone, reflecting a 15% increase compared to the previous year. This case exemplifies the ongoing battle against sophisticated scams that exploit both local and international investors.
