Businessman, Firm Arraigned Over ₦459 Million Fraud Linked to Kuda Microfinance Bank Transfers
A businessman, Osabohem Alex Ologbesele, his company, Lexicon Multiconcept Media Limited, and an employee, Augustine Osas Iyoha, have been arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice E. Akpan of the Federal High Court, Abuja, on charges of fraud and money laundering involving over ₦459 million.
The trio faces a six-count amended charge bordering on obtaining by false pretences and laundering proceeds of unlawful activities.
At the court session, EFCC counsel, O.S. Ujam, informed the court of the substitution of the original charges, initially filed on March 7, 2025, with amended charges filed on March 10, 2025. The court granted the request.
One of the charges alleges that Ologbesele, between 2023 and 2024, knowingly received ₦340 million into his Kuda Microfinance Bank account, suspected to be proceeds of unlawful activities, from a certain Hope Onome Ogholemu via an Access Bank transfer — a violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
Lexicon Multiconcept Media Limited is similarly accused of receiving ₦16 million from Ologbesele’s account into its Moniepoint Microfinance Bank account.
All defendants pleaded not guilty to the charges.
Prosecutor Ujam requested an adjournment to commence the trial, while the defence counsel, Samuel Ogala, applied for bail on behalf of all three defendants, urging the court to grant bail on liberal terms.
Opposing the bail applications, Ujam highlighted the defendants’ flight risk, noting that Ologbesele had been arrested in November 2023 but remained at large until he resurfaced in February 2025.
Justice Akpan adjourned the case to May 2, 2025, for a ruling on the bail applications and ordered the remand of the defendants at the Kuje Custodial Centre.
