EFCC fraud case sees Abuja couple arraigned for N740m scam involving false pretences, money laundering, and investor deception

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

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The couple, alongside two companies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—faced seven counts including obtaining by false pretence, conversion of funds, and money laundering under the Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, between January 2023 and April 2024, Ologbose took possession of N340 million from an Access Bank account belonging to his wife and deposited it into his Kuda Microfinance Bank account, “when he reasonably ought to have known that the sum formed part of the proceeds of an unlawful act.”

He allegedly used N24.1 million from the same source to establish a music and photo studio at Crowther Plaza, Gudu District, Abuja, despite being aware that the funds were illicit.

The commission further claimed that the couple induced unsuspecting investors to provide funds for the purported procurement and export of bitter kola and red kolanut to Hong Kong, China, and Indonesia, promising attractive returns. Investigations revealed that investors neither received their returns nor had their initial investments refunded.

At the arraignment, defence counsel Marshal Abubakar requested that Ologbose continue enjoying administrative bail and sought bail for Oghelemu, citing that she was nursing a one-year-old baby.

Justice Akpan allowed Ologbose to remain on administrative bail but denied bail to Oghelemu, remanding her at the Suleja Correctional Centre. The case was adjourned until April 27, 2026, for a definite hearing.

The EFCC described the arraignment as part of its ongoing effort to hold accountable individuals and entities involved in large-scale financial fraud in Nigeria.

Also read: EFCC Arraigns Otobor Onajefe Over N37.4m Fraud

The case follows other high-profile investigations, including the recent arrest of a Lagos-based couple allegedly involved in faking a kidnapping to extort N10 million from relatives and friends.