EFCC Arraigns Abuja Couple Over N740 Million Fraud Involving Bitter Kola Export Scheme
The Economic and Financial Crimes Commission (EFCC) on Monday, February 16, arraigned an Abuja-based couple, Osabohein Ologbose and his wife, Hope Oghelemu, before Justice Ekerete Akpan of the Federal High Court in Abuja. The couple faces serious charges related to an alleged N740 million fraud, marking a significant case in Nigeria's fight against financial crimes.
Charges and Allegations
The defendants, alongside two companies—Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited—were brought before the court on seven counts. These charges include obtaining money by false pretence, conversion of funds, and money laundering. The allegations are contrary to Section 18(2)(b) and punishable under Section 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the EFCC, between January 2023 and April 2024, Ologbose took possession of N340 million paid into his Kuda Microfinance Bank account from an Access Bank account belonging to his wife. The commission asserts that he reasonably ought to have known that the sum formed part of the proceeds of an unlawful act.
Another count alleges that he used N24.1 million from the same source to establish a music and photo studio at Crowther Plaza in Gudu District, Abuja. The EFCC claims he knew or ought reasonably to have known that this amount also constituted proceeds of unlawful activities.
Fraudulent Export Scheme
The EFCC further detailed that the couple induced unsuspecting investors to part with their money for the purported procurement and export of bitter kola and red kolanut to destinations including Hong Kong, China, and Indonesia. They promised attractive returns to lure victims into the scheme.
Investigations by the anti-graft agency revealed a grim outcome for the investors: they neither received the promised returns nor had their initial investments refunded. This has left many financially devastated, highlighting the severe impact of such fraudulent activities on ordinary Nigerians.
Court Proceedings and Bail Ruling
During the arraignment, defence counsel Marshal Abubakar requested that the first defendant, Ologbose, continue enjoying the administrative bail previously granted by the EFCC. He also sought bail for the third defendant, Oghelemu, citing that she was nursing a one-year-old baby.
Justice Akpan ruled to allow Ologbose to remain on administrative bail, but denied bail to Oghelemu. Consequently, she was remanded at the Suleja Correctional Centre, pending further legal proceedings. The case has been adjourned until April 27, 2026, for a definite hearing, indicating a lengthy judicial process ahead.
EFCC's Stance on Financial Crimes
The EFCC described this arraignment as part of its ongoing effort to hold accountable individuals and entities involved in large-scale financial fraud in Nigeria. This case underscores the commission's commitment to tackling economic crimes that undermine the nation's financial system and exploit citizens.
By pursuing such high-profile cases, the EFCC aims to deter potential fraudsters and restore public confidence in Nigeria's financial markets. The outcome of this trial will be closely watched as a barometer of the effectiveness of anti-corruption measures in the country.
