The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohem Alex Ologbosele, CEO of Lexicon Multiconcept Media Limited, his company, and employee Augustine Osas Iyoha before Justice E. Akpan of the Federal High Court in Abuja.

They face six amended charges of fraud, obtaining under false pretences, and money laundering involving over N459 million.

Prosecuting counsel O.S. Ujam informed the court of her intent to replace the initial charges filed on March 7, 2025 with amended charges filed on March 10, 2025, which the court approved. Count one alleges that Ologbosele, in 2023 and 2024, took possession of N340 million paid into his Kuda Microfinance Bank account from Hope Onome Ogholemu?s Access Bank account, knowing it was proceeds of an unlawful act, violating Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022. Count two charges Lexicon Multiconcept Media Limited with receiving N16 million from Ologbosele?s account into its Moniepoint Microfinance Bank account, also contravening the same Act.

The defendants pleaded not guilty. Ujam requested an adjournment to open the prosecution?s case, while defence counsel Samuel Ogala sought bail for Ologbosele and the company (filed March 24, 2025) and Iyoha (filed March 27, 2025), urging liberal terms. Ujam opposed bail, citing a 17-paragraph affidavit filed on April 2, arguing the defendants are flight risks.

She noted Ologbosele?s arrest in November 2023, his absence from November 2024 until February 5, 2025, and the risk of him absconding if granted bail.

Justice Akpan adjourned the case to May 2 for a bail ruling and ordered the defendants remanded in Kuje Custodial Centre. (Daily Sun: Text, Excluding Headline)

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