The Economic and Financial Crimes Commission (EFCC) has arraigned two Nigerian businessmen and a company for allegedly diverting N340 million in investor funds under false pretenses.
The accused, Osabohien Alex Ologbosele, Augustine Osas Iyoha, and Lexicon Multiconcept Media Limited, were brought before Justice Ekerete Akpan of the Federal High Court in Abuja on April 14, 2025. The EFCC’s amended charge, marked FHC/ABJ/CR/86/2025, alleges violations of Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022.
One of the charges specifically states that Ologbosele received N340 million into his Kuda Microfinance Bank account between 2023 and 2024 from Hope Onome Ogholemu, knowing the funds were proceeds of unlawful activity.
The EFCC further alleged that Lexicon Multiconcept Media Limited was complicit in the illegal possession of parts of the funds, while the defendants allegedly diverted other investors’ contributions of N25 million, N32.95 million, and N24.1 million, respectively.
According to court documents, the funds were collected under the guise of exporting bitter kola to China, with promised returns that never materialized. Victims were said to have been persuaded to pay into accounts controlled by Onome Global Market Resources Limited.
The case stems from a petition filed by the law firm Paul Erokoro & Co., which accused the defendants of fraudulent misrepresentation, obtaining money by false pretenses, and misappropriating a total of N739,670,000.
The petition outlines how one of the investors, Mr. Okafor Modestus, and his associate Mr. Maidebino Mukhtar, were introduced to the bitter kola export scheme by a staff member of NEXIM Bank, who claimed to have personal involvement in the trade with Asian markets.
At the arraignment, the defendants pleaded not guilty. Their counsel, Samuel Agala, requested bail on liberal terms, but EFCC’s legal representative, Ogechi Ujam, opposed the application, citing risks of flight and previous non-cooperation.
Justice Akpan adjourned the matter to May 2 for a ruling on the bail application and ordered the defendants to remain in custody pending the decision.
The EFCC says it plans to call several investors as witnesses when the trial commences.
