Posted by Samuel on Tue 17th Feb, 2026 - tori.ng
Justice Akpan allowed Ologbose to remain on administrative bail but denied bail to Oghelemu, remanding her at the Suleja Correctional Centre.
On Monday, February 16, the Economic and Financial Crimes Commission (EFCC) arraigned an Abuja-based couple, Osabohein Ologbose and his wife, Hope Oghelemu, before Justice Ekerete Akpan of the Federal High Court in Abuja over allegations of defrauding N740 million.
The couple, alongside two companies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—faced seven counts of obtaining by false pretence, conversion of funds, and money laundering, contrary to Section 18(2)(b) and punishable under Section 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The charges allege that between January 2023 and April 2024, Ologbose took possession of N340m paid into his Kuda Microfinance Bank account from an Access Bank account belonging to his wife, “when he reasonably ought to have known that the sum formed part of the proceeds of an unlawful act.”
Another count alleged that he used N24.1m from the same source to establish a music and photo studio at Crowther Plaza, Gudu District, Abuja, “when he knew or ought reasonably to have known that the said sum formed part of the proceeds of an unlawful act.”
The EFCC further claimed that the couple induced unsuspecting investors to part with money for the purported procurement and export of bitter kola and red kolanut to Hong Kong, China, and Indonesia, promising attractive returns. Investigations revealed that investors neither received their returns nor had their initial investments refunded.
At the arraignment, defence counsel Marshal Abubakar requested that the first defendant continue enjoying the administrative bail previously granted and sought bail for the third defendant, citing that she was nursing a one-year-old baby.
Justice Akpan allowed Ologbose to remain on administrative bail but denied bail to Oghelemu, remanding her at the Suleja Correctional Centre.
The case was adjourned until April 27, 2026, for a definite hearing.
The EFCC described the arraignment as part of its ongoing effort to hold accountable individuals and entities involved in large-scale financial fraud in Nigeria.