EFCC Arraigns Couple Over N740m Investment Fraud

On February 16, 2026, the Economic and Financial Crimes Commission (EFCC) arraigned Osabohien Alex Ologbos, the Chief Executive Officer of Onom Global Market Resources Limited, and his wife Hope Onom Oghelemu at the Federal High Court in Abuja. They face seven counts of fraud and money laundering involving N740 million, contrary to the Money Laundering (Prevention and Prohibition) Act 2022.

The charges include obtaining funds under false pretenses and laundering money between January 2023 and April 2024. The prosecution, led by O.S.

Ujam, informed the court of an amended charge filed on January 28, 2026. The defendants pleaded not guilty, and the court granted bail to the first defendant while denying bail to the third defendant, who has a one-year-old baby.

The trial is scheduled to commence on April 27, 2026. Investigations revealed that the defendants induced various citizens to invest in a purported export business involving bitter kola and red kolanut, but failed to pay returns on investments.