The Economic and Financial Crimes Commission, EFCC, on Monday arraigned Osabohien Alex Ologbose and his wife, Hope Onome Oghelemu, before Justice Eker
The Economic and Financial Crimes Commission, EFCC, on Monday arraigned Osabohien Alex Ologbose and his wife, Hope Onome Oghelemu, before Justice Ekerete Akpan of the Federal High Court, Abuja, over false pretence, conversion of funds and money laundering involving about N740 million.
Ologbose, who is the Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited, was docked alongside the two companies, which were also listed as defendants in the case.
The defendants are facing a seven-count charge.
The charges were filed under Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act 2022, with penalties provided under Section 18(4) of the same law.
Prosecution counsel, O.S. Ujam, informed the court that amended charges had been filed on January 28, and requested that the charges be read to the defendants.
One of the counts alleges that between January 2023 and April 2024, Ologbose took possession of N340 million paid into his account at Kuda Microfinance Bank from Oghelemu’s Access Bank account, knowing or reasonably expected to know that the funds were proceeds of an unlawful act.
Another count states that Ologbose used N24.1 million from Oghelemu’s account to establish a music and photo studio at Crowther Plaza, Gudu District, Abuja, despite being aware that the money formed part of the proceeds of an unlawful act.
The defendants pleaded not guilty.
Ujam asked the court to set a trial date, while defence counsel, Marshal Abubakar, requested that the first defendant remain on administrative bail and that the third defendant be granted bail due to caring for a one-year-old child.
Justice Akpan denied bail for the third defendant but allowed the first defendant to continue on administrative bail and remanded the third defendant in Suleja Correctional Centre.
The court adjourned the matter for definite hearing to April 27.
EFCC investigations revealed that the defendants induced several investors to deposit funds into Hope Oghelemu’s account and the company accounts on the false promise that the money would be invested in the procurement and export of bitter kola and red kolanut to Hong Kong, China, and Indonesia.
Investors were neither paid the promised returns on investment nor refunded their capital.
