The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohem Alex Ologbosele, CEO of Lexicon Multiconcept Media Limited, alongside his company and staff member Augustine Osas Iyoha, before Justice E. Akpan of the Federal High Court in Abuja.
They face a six-count amended charge involving fraud, obtaining money under false pretenses, and money laundering totaling ₦459,050,000.
Before the arraignment, EFCC counsel O.S. Ujam sought and received court approval to replace the original charges filed on March 7, 2025, with an amended version dated March 10, 2025.
One charge alleges that Ologbosele received ₦340 million in 2023 and 2024 from an account owned by Hope Onome Ogholemu (domicile in Access Bank) into his Kuda Microfinance Bank account, knowing it was likely proceeds of unlawful activity. This violates Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count accuses Lexicon Multiconcept Media Limited of receiving ₦16 million transferred from Ologbosele’s Kuda account into the company’s Moniepoint Microfinance Bank account under similar suspicious circumstances.
All defendants pleaded not guilty. Following the plea, the prosecution requested time to present its case. Meanwhile, defense counsel Samuel Ogala urged the court to grant bail to all three defendants, citing applications filed on March 24 and another on March 27, 2025.
However, Ujam opposed bail, referencing a 17-paragraph affidavit filed on April 2, 2025. She argued that the defendants pose a flight risk, having allegedly failed to report to EFCC offices for months. She noted that Ologbosele was first arrested in November 2023 but disappeared for several months, only resurfacing on February 5, 2025.
After hearing both sides, Justice Akpan adjourned the case to May 2, 2025, for a ruling on the bail applications. The defendants were ordered to be remanded at Kuje Correctional Centre pending that decision.
