The EFCC has arraigned the CEO of Lexicon Multiconcept Media, Osabohem Alex Ologbosele, his company, and a staff member for alleged fraud and money laundering totaling N459 million

[dropcap]T[/dropcap]he Economic and Financial Crimes Commission (EFCC) has brought charges against Osabohem Alex Ologbosele, the Chief Executive Officer of Lexicon Multiconcept Media Limited, the company itself, and Augustine Osas Iyoha, a staff member, before Justice E. Akpan of the Federal High Court in Abuja.

Also read: EFCC witness testifies on alleged diversion of over N3 billion in Kogi State LGAs

The defendants face a six-count amended charge encompassing fraud, obtaining money under false pretenses, and money laundering amounting to a substantial N459,050,000.

During the court proceedings, the prosecuting counsel, O.S Ujam, successfully sought the court’s permission to substitute the initial charges filed on March 7, 2025, with an amended version dated March 10, 2025.

Counts one and two of the charge detail specific instances of alleged fraudulent transactions and money laundering involving significant sums of money channeled through various bank accounts linked to Ologbosele and Lexicon Multiconcept Media Limited.

My lord, the first defendant was arrested in November 2023, and he left in November 2024 and did not report back till February 5, 2025, and I believe that if granted bail, he may not appear for his trial,” stated prosecuting counsel O.S Ujam, opposing bail.

Following the reading of the charges, all defendants pleaded not guilty.

Prosecuting counsel Ujam requested an adjournment to present the prosecution’s case and call witnesses. In response, defense counsel Samuel Ogala submitted bail applications for the defendants, urging the court to grant bail on liberal terms.

However, the prosecution opposed the bail applications, citing concerns that the defendants posed a flight risk, particularly noting that the first defendant had previously ceased reporting to the EFCC for an extended period.

Also read: EFCC witness testifies on alleged diversion of over N3 billion in Kogi State LGAs

After considering the arguments from both sides, Justice Akpan adjourned the matter until May 2, 2025, for a ruling on the bail applications and ordered that the defendants be remanded in Kuje prison.