EFCC Charges Couple with N740m Fraud in Abuja Court

The Economic and Financial Crimes Commission (EFCC) has arraigned Nigerian couple Osabohein Ologbos and his wife Hope Oghelemu at the Federal High Court in Abuja for allegedly defrauding investors of N740 million. They are charged alongside two companies, Onom Global Market Resources Limited and Lexicon Multi Concept Media Limited, facing seven counts of obtaining money under false pretenses and money laundering, contrary to the Money Laundering (Prohibition) Act of 2022.

The allegations state that between January 2023 and April 2024, the couple took possession of N340 million, which was paid into a Kuda Microfin Bank account and an Access Bank account belonging to Oghelemu, knowing it was part of the proceeds of unlawful activities. They are also accused of inducing unsuspecting investors to invest in a purported export business involving bitter kola and red kolanut, promising returns that were never delivered.

Justice Ekeret Akpan allowed Ologbos to remain on administrative bail but denied bail for Oghelemu, who has a one-year-old baby. The case is adjourned until April 27, 2026.