The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer (CEO) of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, for fraud to the tune of N459, 050,000 (Four Hundred and Fifty Nine Million, Fifty Thousand Naira only).
The anti-graft agency’s spokesman, Dele Oyewale, in a statement on Thursday, said the CEO was arraigned alongside his company and one of his staff, Augustine Osas Iyoha before Justice E. Akpan of the Federal High Court sitting in Abuja.
Before the charges were read to them, the prosecuting counsel, O.S Ujam, informed the court of her intention to substitute the initial charges filed on March 7, 2025, with the amended charge filed on March 10, 2025. The court granted her request to substitute the charges.
According to count one, Ologbosele, between 2023 and 2024, directly took possession of the total sum of N340,000,000 (Three Hundred and Forty Million Naira) paid into his account domiciled at Kuda Microfinance bank.
The said sum had been transferred from the account number of one Hope Onome Ogholemu, domiciled in Access Bank, being part of the proceeds of an unlawful act, thus an offence contrary to Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act 2022 and Punishable under 18 (3) of the same Act.
The company, Lexicon Multiconcept Media Limited, was charged with directly taking possession of the total sum of N16,000,000 (Sixteen Million Naira), paid into its account domiciled in Moniepoint Microfinance Bank, from the account of Osebohien Alex Ologbosele with account number 2022773919 domiciled at Kuda Microfinance bank, knowing that the said sum formed part of the proceed of an unlawful act, thereby violating Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act 2022, and punishable under Section 18 (4) of the same Act.
The defendants pleaded not guilty after the charges were read to them, in view of which,
Ujam asked the court for an adjournment to enable the prosecution to open its case and call witnesses.
Defence counsel, Samuel Ogala, drew the attention of the court to an application for bail for the first and second defendant which was filed on March 24, 2025 and the second application for the 3rd defendant, dated March 27, 2025, urging the court in the interest of justice to grant bail on liberal terms.
However, Ujam told the judge of a 17 paragraph affidavit in response to the counter-affidavit of the defence dated April 2, 2025 and filed same date in opposition to the application for bail, urging the court to deny the application on the ground that the defendants are flight risks, who stopped reporting to the EFCC office for months and may fail to appear for their trial if granted bail.
Thereafter, Justice Akpan after listening to the arguments of the two counsels on bail application adjourned the matter till May 2, 2025, for ruling for bail and ordered that the defendants be remanded in Kuje prison.
