The Economic and Financial Crimes Commission on Monday arraigned an Abuja-based couple, Osabohein Ologbose and his wife, Hope Oghelemu, before Justice Ekerete Akpan of the Federal High Court Abuja over an alleged N740m fraud.
The couple, alongside two companies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—faced seven counts of obtaining by false pretence, conversion of funds, and money laundering, contrary to Section 18(2)(b) and punishable under Section 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, the charges allege that between January 2023 and April 2024, Ologbose took possession of N340m paid into his Kuda Microfinance Bank account from an Access Bank account belonging to his wife, “when he reasonably ought to have known that the sum formed part of the proceeds of an unlawful act.”
Another count alleged that he used N24.1m from the same source to establish a music and photo studio at Crowther Plaza, Gudu District, Abuja, “when he knew or ought reasonably to have known that the said sum formed part of the proceeds of an unlawful act.
The EFCC further claimed that the couple induced unsuspecting investors to part with money for the purported procurement and export of bitter kola and red kolanut to Hong Kong, China, and Indonesia, promising attractive returns. Investigations revealed that investors neither received their returns nor had their initial investments refunded.