The Economic and Financial Crimes Commission (EFCC) has taken legal action against a media company executive and two others over a multi-million naira fraud allegation.
The accused are Osabohem Ologbosele, Chief Executive Officer of Lexicon Multiconcept Media Limited; his company; and a staff member, Augustine Iyoha. The trio were brought before Justice Akpan at the Federal High Court in Abuja.
According to a post shared by the EFCC on Thursday via its official X handle, the suspects were arraigned on a six-count amended charge. The charges include obtaining money under false pretense and laundering over N459 million.
Before the arraignment, the EFCC’s counsel, O.S. Ujam, informed the court of her intention to replace the previous charges, originally filed on March 7, with a revised version submitted on March 10. Justice Akpan approved the substitution, allowing the case to proceed with the updated information.
One of the charges alleges that Ologbosele, between 2023 and 2024 in Abuja, took possession of N340 million, which was transferred to his Kuda Microfinance Bank account from another account belonging to Hope Onome Ogholemu. The EFCC notes that he should have known the money was connected to unlawful activity.
Another count details that Lexicon Multiconcept Media Limited received N16 million from Ologbosele’s Kuda account into its Moniepoint Microfinance Bank account during the same period. The EFCC also claims that the company was likely aware the money was the result of criminal conduct.
All three defendants pleaded not guilty when the charges were read out in court.
Following their plea, the prosecution requested an adjournment to allow time to present evidence and call witnesses. Meanwhile, the defense, led by Samuel Ogala, appealed for bail for the defendants, citing applications filed earlier in March.
Ujam responded with a 17-paragraph affidavit opposing the bail applications, arguing that the accused posed a flight risk. She pointed out that Ologbosele had previously stopped reporting to the EFCC after his release in November 2023 and only reappeared in February 2025.
“My lord, the first defendant was arrested in November 2023, and he left in November 2024 and did not report back till February 5, 2025, and I believe that if granted bail, he may not appear for his trial,” she said.
After hearing both sides, Justice Akpan postponed the ruling on the bail applications to May 2, 2025. In the meantime, the judge ordered that all three defendants be held at Kuje prison.
