The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Osabohein Alex Ologbose, Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, alongside his wife, Hope Onome Oghelemu, before Justice Ekerete Akpan of the Federal High Court in Abuja over an alleged ₦740 million investment fraud.
The two companies—Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited—were also joined as defendants in the seven-count charge bordering 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 arraignment on February 16, 2026, 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.
One of the counts alleged that Ologbose, between January 2023 and April 2024 in Abuja, took possession of ₦340 million paid into his Kuda Microfinance Bank account from an Access Bank account belonging to Hope Onome Oghelemu, funds he allegedly knew or reasonably ought to have known were proceeds of unlawful activities.
Another count accused him of using ₦24.1 million from the same account to establish and operate a music and photo studio at Crowther Plaza, Gudu District, Abuja, with knowledge that the funds were derived from unlawful acts.
The defendants pleaded not guilty to the charges.
Following the plea, the prosecution sought a trial date, while defence counsel, Marshal Abubakar, urged the court to allow the first defendant to continue on the administrative bail earlier granted and requested bail for the third defendant on the grounds that she is nursing a one-year-old child.
In his ruling, Justice Akpan denied bail to the third defendant but permitted the first defendant to remain on the administrative bail earlier granted by the court. He ordered the remand of the third defendant at the Suleja Correctional Centre and adjourned the matter to April 27, 2026, for definite hearing.
According to the EFCC, investigations revealed that the defendants allegedly induced members of the public to invest funds under the pretext of financing the procurement and export of bitter kola and red kolanut to Hong Kong, China and Indonesia, with promises of attractive returns on investment.
The anti-graft agency alleged that the promised returns were neither paid nor were investors’ capital sums refunded.
