The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohien Alex Ologbosele, alongside his company and an employee, Augustine Osas Iyoha, over alleged fraud and money laundering to the tune of N459,050,000.
The trio was brought before Justice E. Akpan of the Federal High Court, Abuja, on a six-count amended charge bordering on obtaining money under false pretence and laundering suspected proceeds of crime
During the court proceedings, EFCC counsel O.S. Ujam sought to replace the original charges filed on March 7, 2025, with amended charges filed on March 10, 2025.
Justice Akpan granted the application, and the amended charges were read to the defendants.
One of the charges alleged that Ologbosele, between 2023 and 2024 in Abuja, knowingly received N340 million from one Hope Onome Ogholemu through his Kuda Microfinance Bank account, which was suspected to be proceeds of unlawful activities, an offence under the Money Laundering (Prevention and Prohibition) Act 2022.
Another count accused Lexicon Multiconcept Media Limited of receiving N16 million through a Moniepoint Microfinance Bank account, also suspected to be laundered funds.
All three defendants pleaded not guilty to the charge
Following the pleas, Ujam requested an adjournment to begin presenting the prosecution’s case.
Meanwhile, defence counsel, Samuel Ogala, informed the court of pending bail applications for the accused, filed on March 24 and March 27, 2025.
However, the prosecution opposed the bail applications, citing the defendants’ prior failure to report to the EFCC.
Ujam argued that Ologbosele had absconded after his initial arrest in November 2023 and only resurfaced in February 2025.
“My Lord, the first defendant did not report back after November 2024 until February 5, 2025. This raises serious concerns about his willingness to appear for trial if released,” Ujam told the court.
After hearing both sides, Justice Akpan adjourned the matter to May 2, 2025, for ruling on the bail applications.
He also ordered that the defendants be remanded at the Kuje Correctional Centre pending the decision.
