The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohem Ologbosele, the CEO of Lexicon Multiconcept Media Limited, and his company on charges related to fraud, money laundering, and obtaining money under false pretenses, totaling N459,050,000.
The charges, filed in the Federal High Court in Abuja, are based on an alleged fraudulent scheme involving funds from multiple accounts. Ologbosele and one of his staff members, Augustine Iyoha, were indicted on six counts for allegedly engaging in financial crimes in 2023 and 2024.
The primary charge states that Ologbosele took possession of N340 million from an account linked to illegal activities. Another charge involves Lexicon Multiconcept Media Limited’s possession of N16 million from Ologbosele’s personal account, knowing the funds were proceeds of unlawful acts.
Both defendants pleaded not guilty to the charges, prompting the prosecution to request an adjournment to present evidence and witnesses. The defense applied for bail, but the prosecution opposed it, arguing the defendants are flight risks due to their past failure to report to the EFCC.
The court adjourned the case to May 2, 2025, for a ruling on the bail applications and remanded the defendants to Kuje prison in the meantime.
