EFCC arraigns CEO, staff over alleged N459m fraud in Abuja

Abdullateef Fowewe

The Economic and Financial Crimes Commission has arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, along with his company and a staff member, Augustine Osas Iyoha, before Justice E. Akpan of the Federal High Court sitting in Abuja.

This was made known in a statement by EFCC on Thursday.

The trio were arraigned on six amended counts bordering on fraud, obtaining by false pretence, and money laundering involving a total sum of ₦459,050,000 (Four Hundred and Fifty-Nine Million, Fifty Thousand Naira).

During Thursday’s proceedings, the EFCC’s prosecuting counsel, O.S. Ujam, sought the court’s permission to replace the initial charge, filed on March 7, 2025, with an amended version filed on March 10, 2025. Justice Akpan granted the request, paving the way for the amended charges to be read to the defendants.

The statement reads, “The Economic and Financial Crimes Commission, EFCC has arraigned the Chief Executive Officer, CEO, Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, his company and one of his staff, Augustine Osas Iyoha before Justice E. Akpan of the Federal High Court sitting in Abuja.

“They were arraigned on  six- count amended charges bordering  on fraud, obtaining under false pretense and money laundering to the tune of N459, 050,000 (Four Hundred and Fifty Nine Million, Fifty Thousand Naira only).

“Before the charges were read to them, the prosecuting counsel, O.S Ujam, informed the court of her intention to substitute the initial charges filed on March 7, 2025, with the amended charge filed on March 10, 2025.  The court granted her request to substitute the charges.

“The defendants pleaded not guilty after the charges were read to them.

“In view of the not guilty plea, Ujam asked the court for an adjournment to enable the prosecution to open its case and call witnesses.  Defence counsel, Samuel Ogala, drew the attention of the court to an application for bail for the first and second defendant which was filed on March 24, 2025 and the second application for the 3rd defendant, dated March 27, 2025, urging the court in the interest of justice to grant bail on liberal terms.

“However,  Ujam told the judge of a 17 paragraph affidavit in response to the counter-affidavit of the defence dated April 2, 2025 and filed same date in opposition to the application for bail, urging the court to denial the application on the ground that the defendants are flight risks, who stopped reporting to the EFCC office for months and may fail to appear for their trial if granted bail.”