Reported by: Oahimire Omone Precious | Edited by: Gabriel Osa
The Economic and Financial Crimes Commission on Monday, February 16, 2026, arraigned the Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, Osabohein Alex Ologbose, alongside his wife, Hope Onome Oghelemu, before Justice Ekerete Akpan of the Federal High Court sitting in Abuja over an alleged N740 million fraud.
The two companies, Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, were also listed as defendants in the seven-count charge. The charges border on obtaining by false pretence, conversion of funds and money laundering, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the commencement of proceedings, prosecution counsel O.S. Ujam informed the court that amended charges had been filed on January 28, 2026, and requested that they be read to the defendants. The court granted the application and the charges were formally presented.
According to the first count of the amended charge, Osabohein Alex Ologbose allegedly took possession of an aggregate sum of N340 million between January 2023 and April 2024 in Abuja. The funds were said to have been paid into his account domiciled with Kuda Microfinance Bank from an account belonging to Hope Onome Oghelemu at Access Bank Plc. The prosecution alleges that the defendant reasonably ought to have known that the funds constituted proceeds of unlawful activity, thereby committing an offence under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count alleges that the first defendant used N24.1 million from the same account to establish and operate a music and photo studio located at Crowther Plaza in the Gudu District of Abuja. The EFCC maintains that the funds used for the business venture were part of proceeds derived from unlawful acts and that the defendant knew or ought reasonably to have known their illicit origin.
The defendants pleaded not guilty to all seven counts when the charges were read. Following the plea, the prosecution requested a date for the commencement of trial. Defence counsel, Marshal Abubakar, urged the court to allow the first defendant to continue enjoying administrative bail previously granted and sought bail for the third defendant, citing the need to care for a one-year-old child.
In his ruling, Justice Ekerete Akpan permitted the first defendant to continue under the administrative bail earlier granted. However, the court denied bail to the third defendant and ordered that she be remanded at the Suleja Correctional Centre pending further proceedings. The matter was adjourned to April 27, 2026, for definite hearing.
According to the EFCC, investigations revealed that the defendants allegedly induced members of the public to invest in a purported export business involving bitter kola and red kolanut. Investors were reportedly told that funds would be used for the procurement and exportation of the agricultural products to Hong Kong, China and Indonesia, with promises of attractive returns on investment.
The anti-graft agency alleges that various sums were paid into the accounts of Hope Onome Oghelemu and Onome Global Market Resources Limited under the representation that the business was legitimate and profitable. However, investigations purportedly showed that investors neither received the promised returns nor had their capital refunded.
The EFCC contends that the aggregate sum involved in the alleged scheme amounts to approximately N740 million. The agency further alleges that portions of the funds were diverted for personal and corporate use unrelated to the stated investment purpose.
The arraignment forms part of the EFCC’s broader enforcement drive against financial crimes, particularly fraudulent investment schemes that have proliferated in recent years. Authorities have repeatedly warned members of the public to exercise due diligence before committing funds to high-yield ventures that lack regulatory backing or verifiable operational records.
Legal analysts note that the charges under the Money Laundering (Prevention and Prohibition) Act, 2022 reflect an intensified prosecutorial focus on tracing and penalizing the movement and utilization of suspected illicit funds. The Act provides for stringent penalties, including imprisonment and forfeiture of assets, upon conviction.
With the defendants maintaining their innocence, the case will proceed to full trial where the prosecution is expected to present documentary evidence, financial records and witness testimonies to substantiate its claims. The defence is also anticipated to challenge the allegations and contest the evidentiary basis of the charges.
As proceedings unfold, the outcome of the trial will hinge on whether the prosecution can establish beyond reasonable doubt that the funds were indeed proceeds of unlawful acts and that the defendants knowingly engaged in money laundering and fraudulent misrepresentation.
The court’s next sitting on April 27, 2026, is expected to mark the formal commencement of evidentiary hearings in what could become one of the notable financial crime prosecutions of the year in the Federal Capital Territory.
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