EFCC arraigns Abuja couple over N740m fraud

EFCC arraigns Abuja couple over alleged N740m fraud and money laundering before Federal High Court in Abuja

The Economic and Financial Crimes Commission on Monday, February 16, arraigned an Abuja-based couple, Osabohein Ologbose and Hope Oghelemu, before Justice Ekerete Akpan of the Federal High Court, Abuja, over an alleged N740 million fraud.

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The defendants, alongside two firms, Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited, were charged with seven counts bordering on obtaining by false pretence, conversion of funds and money laundering, contrary to provisions of the Money Laundering Act, 2022.

According to the prosecution, between January 2023 and April 2024, Ologbose allegedly received N340 million into his Kuda Microfinance Bank account from an Access Bank account belonging to his wife, when he reasonably ought to have known the funds were proceeds of unlawful activity.

Another count alleged that he used N24.1 million from the same source to establish a music and photo studio at Crowther Plaza in the Gudu District of Abuja, despite allegedly knowing the funds were linked to unlawful acts.

The commission further alleged that the couple induced investors to part with substantial sums under the pretext of procuring and exporting bitter kola and red kolanut to Hong Kong, China and Indonesia, promising attractive returns.

Investigations reportedly showed that the investors neither received the promised returns nor had their capital refunded.

At the arraignment, defence counsel Marshal Abubakar urged the court to allow Ologbose to continue enjoying the administrative bail earlier granted to him and requested bail for Oghelemu, citing her responsibility as a nursing mother to a one-year-old child.

Justice Akpan permitted Ologbose to remain on administrative bail but declined bail for Oghelemu, ordering that she be remanded at the Suleja Correctional Centre.

The matter was adjourned until April 27, 2026, for definite hearing.

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The EFCC described the arraignment as part of its ongoing crackdown on large-scale financial fraud and efforts to strengthen accountability within Nigeria’s financial system.

David Okere