Economic and Financial Crimes Commission (EFCC) has arraigned an Abuja-based couple over an alleged N740 million fraud.
Osabohein Ologbose and his wife, Hope Oghelemu, appeared before Justice Ekerete Akpan of the Federal High Court, Abuja, on Monday.
They were charged alongside two companies — Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited — on seven counts including obtaining by false pretence, conversion of funds and money laundering.
The EFCC alleged that between January 2023 and April 2024, Mr Ologbose received N340 million into his Kuda Microfinance Bank account from an Access Bank account belonging to his wife. Prosecutors said he “knew or ought to have known” the funds were proceeds of unlawful activity.
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Another charge alleged that he used N24.1 million from the same funds to set up a music and photo studio in Gudu District, Abuja.
The anti-graft agency also accused the couple of persuading investors to fund the export of bitter kola and red kolanut to Hong Kong, China and Indonesia, with promises of high returns. Investigators said the investors neither received profits nor refunds.
At the hearing, defence lawyer Marshal Abubakar asked the court to allow Mr Ologbose continue on administrative bail earlier granted by the EFCC. He also sought bail for Mrs Oghelemu, saying she was nursing a one-year-old baby.
Justice Akpan allowed Mr Ologbose to remain on bail but denied bail to Mrs Oghelemu. She was remanded at the Suleja Correctional Centre.
The court adjourned the case to April 27, 2026, for hearing.
The EFCC said the arraignment is part of efforts to tackle large-scale financial fraud and protect investors.
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