EFCC Drags Suspect To Court Over Alleged ₦700m Money Laundering Case

According to Ireporter Online, the Economic and Financial Crimes Commission has arraigned a man, Osaretin Osagiede, before the Federal High Court sitting in Lagos over alleged money laundering involving more than ₦700 million.

Osagiede was brought before Justice Alexander Owoeye on a six-count charge bordering on conspiracy, possession of suspected proceeds of unlawful activities, and money laundering. He was accused of working alongside an alleged accomplice, Zachariah Lorshe, who is currently at large, to receive and conceal the disputed funds.

During proceedings, prosecution counsel, Hannatu Umar Kafarnaisa, urged the court to proceed with the arraignment despite objections raised by the defence counsel, Barrister Adegoke. After hearing submissions from both sides, Justice Owoeye ruled that the arraignment should proceed.

The charges were read to the defendant in open court, after which he pleaded to the counts. The court subsequently ordered that he be remanded in custody and adjourned the case until July 22, 2026, for trial.

Court filings indicated that Osagiede and his co-defendant allegedly conspired between March 2025 and January 2026 to take possession of about ₦700 million, believed to be proceeds of unlawful activity. The EFCC further alleged that the funds were moved through multiple accounts linked to over 150 beneficiaries across 13 banks, many of whom were Point of Sale operators used to withdraw cash.

Additional counts in the charge alleged the defendants received ₦175.2 million, ₦71 million, ₦4.8 million, and ₦3.5 million respectively under similar circumstances, all suspected to be proceeds of illicit transactions.

The commission stated that the offences were committed in Lagos and contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. The charge was signed by a team of prosecutors led by Senior Advocate of Nigeria, Rotimi Oyedepo, alongside other counsel.

Justice Owoeye ordered that the defendant remain in custody pending trial continuation.