EFCC arraigns media company CEO over alleged N459m fraud
The Economic and Financial Crimes Commission, EFCC, has arraigned the Chief Executive Officer, CEO, of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele over alleged N459 million fraud.
Ologbosele was arraigned alongside his company, and a staff member, Augustine Osas Iyoha before Justice E. Akpan of the Federal High Court, Abuja.
They were arraigned on a six-count amended charge bordering on fraud, obtaining under false pretence and money laundering to the tune of N459, 050,000.
Before the charges were read to them, the prosecuting counsel, O.S Ujam, informed the court of her intention to substitute the initial charges filed on March 7, 2025, with the amended charge filed on March 10, 2025, which was granted by the court.
Ologbosele was accused of taking possession of N340 million in 2023 and 2024, which was paid into his account from one Hope Onome Ogholemu while knowing that the said sum formed part of the proceeds of an unlawful act, contrary to Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act 2022 and Punishable under 18 (3) of the same Act.
In another count, N16 million was paid into the company’s bank from the account of one Osebohien Alex Ologbosele which was also proceed of an unlawful act.
When their plea was taken, the three defendants pleaded not guilty.
Thereafter, Ujam asked the court for an adjournment to enable the prosecution open its case and call witnesses.
The defence counsel, Samuel Ogala, however, drew the attention of the court to an application for bail for the first and second defendants filed on March 24, 2025, and a second application for the 3rd defendant, dated March 27, 2025.
He urged the court in the interest of justice to grant bail to the defendants on liberal terms.
The prosecution counsel opposed the bail application on the ground that the defendants are flight risks, who stopped reporting to the EFCC office for months and may fail to appear for their trial if granted bail.
“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,” she said.
After listening to the arguments of both sides, Justice Akpan adjourned the matter till May 2, 2025, for ruling on the bail application.
He ordered that the defendants be remanded in Kuje prison.
