Justice E. Akpan of the Federal High Court sitting in Abuja has remanded the Chief Executive Officer (CEO) of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, in Kuje Correctional Facility over an alleged N59 million fraud. He was arraigned before the court alongside his company and one of his staff, Augustine Osas Iyoha, by the Economic and Financial Crimes Commission (EFCC).

They were arraigned on six amended counts bordering on fraud, obtaining under false pretence, and money laundering to the tune of about N459 million. Before the charges were read, the prosecuting counsel, O.S. Ujam, informed the court of her intention to substitute the initial charges filed on March 7, 2025, with the amended charges filed on March 10, 2025. The court granted her request.

Count one of the charge reads: “That you, Osabohien Alex Ologbosele, sometime in 2023 and 2024 in Abuja, within the jurisdiction of this Honourable Court, directly took possession of the total sum of N340 million paid into your account domiciled at Kuda Microfinance Bank from the account of Hope Onome Ogholemu domiciled in Access Bank, when you knew or reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act, and you thereby committed an offence contrary to Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18 (3) of the same Act.”

Count two reads: “That you, Lexicon Multiconcept Media Limited, sometime in 2023 and 2024 in Abuja, within the jurisdiction of this Honourable Court, directly took possession of the total sum of N16 million paid into your account with Moniepoint Microfinance Bank, from the account of Osabohien Alex Ologbosele domiciled at Kuda Microfinance Bank, when you knew or reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act, and you thereby committed an offence contrary to Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18 (4) of the same Act.”

The defendants pleaded not guilty to the charges. Following their plea, Ujam asked the court for an adjournment to enable the prosecution to open its case and call witnesses.

However, defence counsel Samuel Ogala informed the court of a bail application for the first and second defendants filed on March 24, 2025, and another for the third defendant dated March 27, 2025, urging the court to grant bail on liberal terms in the interest of justice.

In response, Ujam noted a 17-paragraph affidavit filed on April 2, 2025, opposing the bail applications, arguing that the defendants were flight risks who had failed to report to the EFCC for months and might not appear for trial if granted bail.

Justice Akpan, after hearing arguments from both sides, adjourned the matter to May 2 for ruling on the bail application and ordered the remand of the defendants in Kuje Correctional Facility.