EFCC Arraigns Media CEO, Staff For Alleged N459 Million Fraud And Money Laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohem Alex Ologbosele, Chief Executive Officer of Lexicon Multiconcept Media Limited, alongside his company and a staff member, Augustine Osas Iyoha, on a six-count amended charge bordering on fraud, obtaining money under false pretenses, and money laundering totaling N459,050,000.

The arraignment took place before Justice E. Akpan at the Federal High Court in Abuja.

Before reading the charges, EFCC prosecuting counsel O.S. Ujam requested the court to allow the substitution of the initial charges filed on March 7, 2025, with an amended version dated March 10, 2025. The court granted the request.

One of the key charges alleged that Ologbosele received N340 million in 2023 and 2024 from Hope Onome Ogholemu into his Kuda Microfinance Bank account, knowing the funds were proceeds of unlawful activities—an offense under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.

Another count accused Lexicon Multiconcept Media Limited of receiving N16 million from Ologbosele’s account into its Moniepoint Microfinance Bank account, also suspected to be proceeds of illegal activities.

All three defendants pleaded not guilty.

Following the pleas, Ujam asked the court for an adjournment to commence prosecution and present witnesses. Defense counsel Samuel Ogala appealed for bail on behalf of the first and second defendants via an application filed on March 24, 2025, and for the third defendant via an application dated March 27, 2025.

However, Ujam opposed the bail applications, citing a 17-paragraph affidavit dated April 2, 2025. She argued the defendants posed a flight risk, pointing out that Ologbosele had previously stopped reporting to the EFCC for several months, only resurfacing on February 5, 2025, after being arrested in November 2023.

“My lord, if granted bail, he may not appear for trial,” Ujam cautioned.

After hearing arguments from both sides, Justice Akpan adjourned the matter to May 2, 2025, for ruling on the bail applications. In the meantime, he ordered that the defendants be remanded in Kuje Correctional Facility.