The Economic and Financial Crimes Commission brought an Abuja-based couple, Osabohein Ologbose and his wife, Hope Oghelemu, before Justice Ekerete Akpan of the Federal High Court Abuja yesterday for an alleged N740m fraud.
The couple, along with two companies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—were charged with seven counts of obtaining by false pretence, conversion of funds, and money laundering, which is against Section 18(2)(b) and punishable under Section 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022, according to The PUNCH.
The EFCC says that Ologbose took N340 million from his wife’s Access Bank account and put it into his Kuda Microfinance Bank account between January 2023 and April 2024, “when he reasonably should have known that the sum formed part of the proceeds of an unlawful act.”
Another charge indicated that he spent N24.1 million from the same source to set up a music and photo studio at Crowther Plaza in the Gudu District of Abuja, “when he knew or should have known that the said sum was part of the proceeds of an illegal act.”
The EFCC further said that the couple tricked investors into giving them money for the supposed purchase and export of bitter kola and red kolanut to Hong Kong, China, and Indonesia, promising high returns. Investigations showed that investors did not get their profits or their original investments back.
At the arraignment, defense attorney Marshal Abubakar asked that the first defendant continue to enjoy the administrative bail that had already been granted. He also asked for bail for the third defendant, saying that she was taking care of a one-year-old kid.
Justice Akpan let Ologbose stay on administrative bail, but he didn’t let Oghelemu go free on bond and sent her to the Suleja Correctional Centre. The matter was put off to April 27, 2026, for a sure hearing.
The EFCC said that the arraignment was part of its continuous work to bring people and businesses accountable for large-scale financial crimes in Nigeria.
This case comes after several well-known fraud investigations, such as the recent arrest of a couple from Lagos who are accused of faking a kidnapping to get N10m from friends and family.
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