The Economic and Financial Crimes Commission on Monday arraigned the Chief Executive Officer of Onome Global Market Resources Limited, Osabohein Ologbose and his wife, Hope Onome Oghelemu, over an alleged N740 million investment fraud.
This is according to a statement issued by the anti-graft agency on X on February 16, 2026.
The defendants were brought before Justice Ekerete Akpan of the Federal High Court in Abuja alongside their companies, Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, on charges linked to investment fraud and money laundering
What the EFCC said
According to the Commission, investigations revealed that the defendants allegedly induced members of the public to invest funds under the pretence of financing the procurement and exportation of bitter kola and red kolanut to Hong Kong, China and Indonesia, with promises of returns on investment.
Investigators further disclosed that investors neither received the promised returns nor had their capital refunded.
They were arraigned on a seven-count charge bordering on obtaining by false pretence, conversion of funds and money laundering to the tune of about N740million contrary to Section 18(2)(b) of the Money Laundering Prevention and Prohibition Act 2022 and punishment under Section 18(4) of the same Act.
Prosecution counsel O.S. Ujam informed the court that amended charges were filed on January 28, 2026, and prayed the court to read them to the defendants.
- Count one of the amended-charge reads: “That you Osabohien Alex Ologbosele, sometimes between January 2023 and April 2024, in Abuja within the jurisdiction of this Honourable court, directly took possession of the aggregate sum of N340, 000,000(Three Hundred and Forty Million Naira ) paid into your account with account number 202277 3919 domiciled in Kuda Microfinance Bank Limited, from the account of Hope Onome Ogbholemu with account number, 0827261710 domiciled in Access Bank PLc, when you reasonably ought to have known that the said sum formed part of the proceeds of unlawful act and you thereby committed an offence contrary to Section 18(20(a) of Money Laundering (Prevention and Prohibition)Act 2022, and punishable under Section 18(3) of the same Act.”
- Another count reads; “That you Osabohien Alex Ologbosele, sometimes between January 2023 and April 2024, in Abuja within the jurisdiction of this Honourable court, directly used the aggregate sum of N24,100,000(Twenty Four Million, One Hundred Thousand Naira) paid into your account with account number 2022773919 domiciled in Kuda Microfinance Bank Limited from the account of Hope Onoe Ogbhelemu with account number 0827261710 domiciled in Access Bank Plc, to establish and operate a music and photo studio located at Crowther Plaza, Gudu District, Abuja, when you knew or ought to reasonably ought to have known that the said sum formed part of the proceeds of an unlawful act and you thereby committed an offence contrary to Section 18(2)(d) of the Money Laundering(Prevention and Prohibition)Act 2022, and punishable under Section 18(3) of the same Act.”.
More insights
At the arraignment, the defendants pleaded not guilty to the charges.
- Following the plea, the prosecution requested a trial date. Defence counsel Marshal Abubakar urged the court to allow the first defendant to continue enjoying the administrative bail earlier granted and requested bail for the third defendant, citing the need to care for a one-year-old child.
- In his ruling, Justice Akpan denied bail to the third defendant but allowed the first defendant to continue under the administrative bail conditions.
- The judge ordered that the third defendant be remanded at the Suleja Correctional Centre and adjourned the matter until April 27, 2026, for a definite hearing.
What you should know
The EFCC has been investigating multiple alleged Ponzi and investment‑related fraud schemes across Nigeria, including the arrest of 28 suspected operators linked to a Q‑Net investment outfit in Minna, Niger State.
- The agency also publicly alerted Nigerians about 58 companies alleged to be operating illegal Ponzi‑style investment schemes that are not registered with the Central Bank of Nigeria or the Securities and Exchange Commission.
- In a high‑profile case, the EFCC arrested the CEO of Gavice Logistics Limited over an alleged N2 billion Ponzi‑style fraud involving hundreds of investors who could not recover their funds.
- Another significant prosecution saw the EFCC arraign a director over a N13.8 billion Ponzi scheme that reportedly defrauded more than 3,000 investors with promises of monthly returns.
