ABUJA, Nigeria (AP) — The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohien Alex-Ologbosele, alongside his company and a staff member, Augustine Osas-Iyoha, on six amended charges of alleged fraud, obtaining money under false pretense, and money laundering totaling ₦459,050,000.
The defendants were brought before Justice E. Akpan at the Federal High Court, Abuja, where they all pleaded not guilty to the charges.
According to a statement by EFCC spokesperson Dele Oyewale, the amended charges were substituted with the court’s permission, replacing the original charges filed on March 7 with a revised set submitted on March 10, 2025.
One of the charges reads:
“That you, Osabohien Alex Ologbosele, between 2023 and 2024 in Abuja, directly took possession of ₦340 million paid into your Kuda Microfinance Bank account, knowing or reasonably ought to have known that it was the proceeds of unlawful activity…”
Another charge accuses the company, Lexicon Multiconcept Media Limited, of receiving ₦16 million from the same account during the same period, allegedly part of the illicit proceeds.
Following the not guilty pleas, prosecuting counsel O.S. Ujam requested an adjournment to begin calling witnesses. She also opposed bail for the defendants, citing their alleged failure to report to the EFCC for months.
“The first defendant was arrested in November 2023 but did not return until February 5, 2025,” Ujam told the court. “We believe he is a flight risk and may not appear for trial if granted bail.”
Defense counsel Samuel Ogala urged the court to grant bail on liberal terms, referring to two separate applications filed on March 24 and 27, 2025, for the first and third defendants.
Justice Akpan, after hearing both sides, adjourned the matter to May 2, 2025, for a ruling on bail, and ordered that the defendants be remanded in Kuje prison pending that decision.
