EFCC arraign lexicon media CEO, staff over Money laundering
The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, alongside his company and a staff member, Augustine Osas Iyoha, over alleged involvement in a N459,050,000 fraud.
According to a statement released by Dele Oyewale, EFCC’s Head of Media and Publicity, the trio was arraigned before E. Akpan, Justice of the Federal High Court in Abuja, on six amended counts bordering on fraud, obtaining by false pretence, and money laundering.
During Thursday’s court session, O.S. Ujam, EFCC prosecuting counsel, informed the court of the prosecution’s decision to substitute the original charge filed on March 7, 2025, with an amended charge dated March 10, 2025.
According to EFCC, the court granted the request and allowed the substitution before proceeding with the arraignment.
One of the charges reads that Ologbosele, in 2023 and 2024, allegedly received N340 million in his Kuda Microfinance Bank account from one Hope Onome Ogholemu, knowing that the money was aproceeded of an unlawful act.
This, according to the EFCC, contravenes Section 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another count alleges that Lexicon Multiconcept Media Limited took possession of N16 million from Ologbosele’s account into its Moniepoint Microfinance Bank account within the same period, also suspected to be laundered funds.
The statement noted that all defendants pleaded not guilty to the charges.
Following the pleas, the prosecution sought an adjournment to enable it to present its case and call witnesses.
However, defence counsel, Samuel Ogala, requested the court to consider bail applications filed on behalf of Ologbosele and his company on March 24, and a separate application for Iyoha filed on March 27, arguing for bail on liberal terms.
Opposing the applications, Ujam cited a counter-affidavit filed on April 2, in which the EFCC argued that the defendants posed a flight risk. She noted that Ologbosele, after being arrested in November 2023, reportedly disappeared for months and only resurfaced at the EFCC office 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. I believe that if granted bail, he may not appear for his trial,” Ujam stated.
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After hearing arguments from both sides, Justice Akpan adjourned the matter till May 2, 2025, for ruling on the bail applications. In the meantime, he ordered that the defendants be remanded in Kuje Correctional Centre.
The EFCC said it will continue to intensify its clampdown on financial crimes as the trial promises to uncover more details of the alleged multi-million naira fraud scheme.
