The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, alongside his company and a staff member, Augustine Osas Iyoha, on allegations of fraud, obtaining money under false pretenses, and money laundering to the tune of ₦459,050,000.
The trio was brought before Justice E. Akpan of the Federal High Court sitting in Abuja on a six-count amended charge, filed by the EFCC. The charges stem from financial activities that reportedly took place between 2023 and 2024.
At the commencement of proceedings, prosecution counsel O.S. Ujam informed the court of the Commission’s intent to substitute the initial charge filed on March 7, 2025, with an amended version dated March 10, 2025. The court granted the request without objection.
According to the amended charge, Ologbosele is accused of taking possession of ₦340 million, paid into his personal account at Kuda Microfinance Bank by one Hope Onome Ogholemu, with alleged knowledge that the funds were proceeds of unlawful activity.
A related charge alleges that Lexicon Multiconcept Media Limited received ₦16 million from the same funds through a Moniepoint Microfinance Bank account, also purportedly with awareness of the illicit origin of the money.
All three defendants pleaded not guilty to the charges.
Following the plea, the prosecution requested an adjournment to commence trial and present witnesses. Meanwhile, defence counsel Samuel Ogala urged the court to consider bail applications for the first and second defendants (filed on March 24, 2025) and the third defendant (filed on March 27, 2025), appealing for bail on liberal terms in the interest of justice.
In opposition, Ujam argued that the defendants are flight risks, referencing a 17-paragraph affidavit filed on April 2, 2025. She informed the court that Ologbosele, who was arrested in November 2023, failed to report back to the EFCC after November 2024, reappearing only on February 5, 2025.
“My Lord, the first defendant was out of reach for several months and only resurfaced after nearly three months. There is a real risk he may not return for trial if granted bail,” Ujam told the court.
After hearing arguments from both sides, Justice Akpan adjourned the case to May 2, 2025, for ruling on the bail applications. He also ordered that the defendants be remanded in Kuje Correctional Facility pending the decision.
