A Federal High Court in Abuja has remanded two men identified as Osabohien Alex Ologbosele and Augustine Osas Iyoha in a correctional facility, for mi
A Federal High Court in Abuja has remanded two men identified as Osabohien Alex Ologbosele and Augustine Osas Iyoha in a correctional facility, for misappropriating approximately N340 million in investor funds.
The culprits were brought before Justice Ekerete Akpan at the Federal High Court in Abuja on Monday, April 14, by officers of the Economic and Financial Crimes Commission (EFCC).
According to the EFCC’s amended charge, numbered FHC/ABJ/CR/86/2025, the accused individuals, violated Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, through their conduct.
One of the charges read, “That you, Osabohien Alex Ologbosele, sometime in the years 2023 and 2024, in Abuja, within the jurisdiction of this Honourable Court, directly took possession of the total sum of N340,000,000 (Three Hundred and Forty Million Naira), paid into your account number 2022773919 domiciled at Kuda Microfinance Bank, from the account of Hope Onome Ogholemu with account number 0827261710 domiciled at Access Bank, when you knew or reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act; and you thereby committed an offence contrary to Section 18(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.”
The EFCC revealed that multiple investors will testify about being misled into transferring funds into the accounts of Hope Onome Oghelemu and Onome Global Market Resources Limited.
The investors were promised that their money would be used for the export of bitter kola to China, with assurances of profitable returns that never came.
The charges were prompted by a petition filed by the law firm Paul Erokoro & Co., which accused the parties involved of fraudulent misrepresentation, obtaining money under false pretenses, and diverting a total of N739,670,000 belonging to their clients.
The petition details that Okafor Modestus and his associate, Maidebino Mukthar, had visited NEXIM Bank on Monday, March 20, 2023 to inquire about the export process for ginger and the requirements for accessing export-related loans.
During their visit, a NEXIM Bank manager revealed her personal involvement in exporting bitter kola and red kolanuts to Hong Kong, China, and Indonesia.
She invited Okafor and others to invest in the export business.
Adding that, “The total amount invested by the petitioners amounted to N739,670,000, which was paid into the company account of Onome Global Market Resources Limited under the guise of financing the procurement and export of bitter kola.”
The petition also alleges that the investors were misled and that the individuals involved may have diverted the funds for their personal benefit.
However, the defendants pleaded not guilty plea to the charges levelled against them by the EFCC.
Their legal counsel, Samuel Agala, then requested that the court grant them bail under lenient conditions.
However, EFCC prosecutor Ogechi Ujam objected, arguing that the defendants could attempt to flee and noting their reportedly uncooperative and confrontational behavior during the investigation.
After considering arguments from both sides, the judge postponed the bail ruling to Friday, May 2 and ordered that the defendants remain in custody until then.
