The Economic and Financial Crimes Commission (EFCC) on Monday, February 16, 2026, arraigned the Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, Osabohein Alex Ologbose, alongside his wife, Hope Onome Oghelemu, before Justice Ekerete Akpan of the Federal High Court sitting in Abuja over alleged N740 million fraud.
The two companies—Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited—were also listed as defendants in the seven-count charge bordering on obtaining by false pretence, conversion of funds and money laundering, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
At the arraignment, prosecution counsel O.S. Ujam informed the court that amended charges had been filed on January 28, 2026, and requested that the court read them to the defendants.
One of the counts alleged that Ologbose, between January 2023 and April 2024 in Abuja, directly took possession of N340 million paid into his Kuda Microfinance Bank account from an Access Bank account belonging to Hope Onome Oghelemu, when he reasonably ought to have known that the funds formed part of the proceeds of unlawful activities.
Another count accused him of using N24.1 million from the same funds to establish and operate a music and photo studio at Crowther Plaza in the Gudu District of Abuja, despite allegedly knowing that the money was derived from unlawful acts.
The offences are said to contravene Sections 18(2)(b), 18(2)(d), and 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Following the plea, Ujam urged the court to fix a date for trial. Defence counsel, Marshal Abubakar, prayed the court to allow the first defendant to continue on administrative bail earlier granted and also sought bail for the third defendant, citing the need to care for a one-year-old baby.
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In his ruling, Justice Akpan allowed the first defendant to continue enjoying the administrative bail earlier granted by the court but denied bail to the third defendant.
The judge ordered that the third defendant be remanded at the Suleja Correctional Centre and adjourned the matter until April 27, 2026, for definite hearing.
According to the EFCC’s investigation, the defendants allegedly induced members of the public to invest money under the pretext of financing the procurement and exportation of bitter kola and red kolanut to Hong Kong, China, and Indonesia, with promises of lucrative returns on investment (ROI).
Investigators alleged that the funds were paid into accounts belonging to Hope Onome Oghelemu and Onome Global Market Resources Limited. However, the EFCC claimed that investors neither received the promised returns nor had their capital refunded.
The anti-graft agency described the case as part of its ongoing efforts to clamp down on investment-related fraud and financial crimes, particularly schemes targeting unsuspecting Nigerians with promises of high returns.
The trial is expected to commence in April as the court examines the evidence against the defendants.