A businessman, Osabohem Alex Ologbesele and his company, Lexicon Multiconcept Media Limited have been arraigned by the Economic and Financial Crimes Commission (EFCC) for alleged N459 million fraud.
Ologbesele was docked along with his company and employee Augustine Osas Iyoha, before Justice E. Akpan at the Federal High Court in Abuja.
The trio faces six amended charges bordering on fraud, obtaining by false pretences, and money laundering involving over ₦459 million.
Prosecuting counsel O.S. Ujam informed the court of her intention to substitute the original charges filed on March 7, 2025, with amended ones filed on March 10, 2025—a request the court granted.
Count one alleges that Osabohem Alex Ologbesele, between 2023 and 2024, knowingly received ₦340 million into his Kuda Microfinance Bank account from HOPE ONOME OGHOLEMU’s Access Bank account, being proceeds of unlawful activity—an offence contrary to Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022.
Count two accuses LEXICON MULTICONCEPT MEDIA LIMITED of receiving ₦16 million from Ologbesele’s account into its Moniepoint Microfinance Bank account, also violating the same Act.
The defendants pleaded not guilty.
Ujam sought an adjournment to begin the prosecution’s case, while defence counsel Samuel Ogala applied for bail on behalf of Ologbesele and the company (application filed March 24, 2025) and for Iyoha (filed March 27, 2025), requesting that bail be granted on liberal terms.
Ujam opposed bail, referencing a 17-paragraph affidavit filed on April 2, arguing the defendants pose a flight risk.
She pointed out that Ologbesele had been arrested in November 2023 and remained absent from November 2024 until his reappearance on February 5, 2025, raising concerns he could abscond if released on bail.
Justice Akpan adjourned the matter to May 2 for a ruling on the bail applications and ordered the remand of the defendants at the Kuje Custodial Centre.
