The Economic and Financial Crimes Commission (EFCC) has arraigned one Osaretin Osagiede before a Federal High Court in Lagos over allegation of money laundering of N700 million.

Osagiede was arraigned on a six-count charge before Justice Alexander Owoeye.

His allegations bordering on conspiracy and possession of funds suspected to be proceeds of unlawful activities.

He was alleged to have conspired with one Zachariah Lorshe, who was said to be at large.

At the commencement of proceedings, prosecution counsel, Hannatu Kafarnaisa, urged the court to proceed with the arraignment despite an objection by defence counsel, Mr A. Adegoke.

After hearing arguments, the court permitted the charge be read to the defendant.

Following the defendant’s plea, the court ordered that Osagiede be remanded in custody and adjourned the matter till July 22, 2026, for trial.

According to the charge filed by the Federal Government, the defendant and his alleged accomplice conspired between March 2025 and January 2026 to take possession of N700 million, knowing the funds were proceeds of unlawful activities, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The prosecution further alleged that the defendant gained unauthorised access to a petitioner’s statement of accounts, leading to fraudulent withdrawals traced to over 150 beneficiaries across 13 banks, mostly Point of Sale (POS) operators, from whom cash withdrawals were made.

In separate counts, the EFCC accused the defendant of taking possession of sums including N175,234,900, N71 million, N3.5 million and N4,897,000, all allegedly linked to illicit activities.

The offences, said to have been committed in Lagos, are punishable under Sections 21 and 18(2)(d) of the Act.

Justice Owoeye subsequently ordered the defendant to remain in custody pending further proceedings.