The Economic and Financial Crimes Commission (EFCC) has hauled a Chief Executive Officer, his wife, and two of their companies before a Federal High Court in Abuja over an alleged N740 million investment scam.
The defendants—Osabohein Alex Ologbosele, his wife Hope Onome Oghelemu, and their firms, Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited—faced a seven-count charge on Monday, February 16, 2026. The charges, brought before Justice Ekerete Akpan, include obtaining money by false pretence, conversion of funds, and money laundering.
The Bitter Kola “Investment” Trap
According to the EFCC’s investigation, the couple allegedly orchestrated a scheme that lured unsuspecting Nigerians into parting with their hard-earned money. The bait? A lucrative-sounding business involving the procurement and exportation of bitter kola and red kolanut to international markets in Hong Kong, China, and Indonesia.
Investors were promised substantial Returns on Investment (ROI). However, the prosecution alleges that once the funds were collected, neither the ROI nor the initial capital was ever returned to the victims.
Money Laundering Allegations
The amended charges, filed by prosecution counsel O.S. Ujam, detail how the funds were allegedly layered. In one instance, between January 2023 and April 2024, Ologbosele reportedly took possession of N340 million transferred from his wife’s Access Bank account into his Kuda Microfinance Bank account.
The EFCC also claims that N24.1 million of the illicit proceeds was used to set up a music and photo studio at Crowther Plaza in the Gudu District of Abuja.
Court Denies Bail for Nursing Mother
Despite pleading “not guilty,” the defendants faced immediate legal consequences. While the defense counsel, Marshal Abubakar, argued for the third defendant (Oghelemu) to be granted bail on the grounds that she is nursing a one-year-old baby, Justice Akpan denied the application.
- First Defendant (Ologbosele): Allowed to continue on his previous administrative bail.
- Third Defendant (Oghelemu): Remanded at the Suleja Correctional Centre.
The case has been adjourned to April 27, 2026, for a definite hearing.
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