Abuja Couple Brought To Court For N740m Fraud By EFCC

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned an Abuja-based couple, Osabohein Ologbose and Hope Oghelemu, before Justice Ekerete Akpan of the Federal High Court, Abuja, over allegations of fraud totaling N740 million.

The couple, along with two companies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—faced seven counts, including obtaining money 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, between January 2023 and April 2024, Ologbose allegedly withdrew N340 million paid into his Kuda Microfinance Bank account from his wife’s Access Bank account, “when he reasonably ought to have known that the sum formed part of the proceeds of an unlawful act.” Investigators further claimed he used N24.1 million from the same funds to establish a music and photo studio at Crowther Plaza, Gudu District, Abuja, while being aware or expected to be aware that the money was illicit.

The commission also stated that the couple solicited funds from unsuspecting investors under the pretense of exporting bitter kola and red kolanut to Hong Kong, China, and Indonesia, promising high returns. Investigations revealed that investors neither received returns nor recovered their initial investments.

During the arraignment, defence counsel Marshal Abubakar requested that Ologbose continue on administrative bail previously granted and sought bail for Oghelemu, citing that she is nursing a one-year-old child. Justice Akpan allowed Ologbose to remain on administrative bail but denied bail for Oghelemu, remanding her at the Suleja Correctional Centre. The case was adjourned to April 27, 2026, for a definite hearing.

The EFCC described the arraignment as part of its sustained efforts to hold individuals and entities accountable for large-scale financial crimes in Nigeria. This case follows other high-profile investigations, including the recent arrest of a Lagos couple accused of faking a kidnapping to extort N10 million from relatives and associates.