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, on charges of alleged fraud and money laundering amounting to ₦459,050,000.
The arraignment took place before Justice E. Akpan at the Federal High Court in Abuja. The defendants face a six-count amended charge bordering on obtaining by false pretence and laundering proceeds of unlawful activities.
Prior to the reading of the charges, prosecuting counsel, O.S. Ujam, sought and was granted permission to substitute the original charges filed on March 7, 2025, with an amended version dated March 10, 2025.
One of the charges alleges that Ologbosele, in 2023 and 2024, received ₦340 million into his Kuda Microfinance Bank account from an account belonging to one Hope Onome Ogholemu, knowing the funds were linked to criminal conduct. Another charge accuses Lexicon Multiconcept Media Limited of receiving ₦16 million from Ologbosele’s personal account under similar circumstances.
All defendants pleaded not guilty.
Following their plea, Ujam requested an adjournment to commence prosecution and present witnesses. Defence counsel, Samuel Ogala, referenced bail applications filed on behalf of the defendants and urged the court to consider granting bail on liberal terms.
In opposition, Ujam cited a counter-affidavit dated April 2, 2025, arguing that the defendants are flight risks. She informed the court that Ologbosele had previously failed to report to EFCC offices for months after being granted administrative bail.
Justice Akpan, after hearing both sides, adjourned the matter to May 2, 2025, for ruling on the bail applications. He ordered that the defendants be remanded at Kuje Correctional Centre pending the decision.
