The EFCC has arraigned Lexicon Media CEO Alex Ologbosele and two others for alleged N459 million fraud. Court adjourns bail ruling till May 2, 2025.
EFCC Arraigns Lexicon Media CEO for Alleged N459m Fraud, Court Remands Defendants in Kuje Prison
The Economic and Financial Crimes Commission (EFCC) has arraigned Osabohem Alex Ologbosele, the Chief Executive Officer of Lexicon Multiconcept Media Limited, alongside his company and staff member Augustine Osas Iyoha, before Justice E. Akpan of the Federal High Court, Abuja.
The three defendants face a six-count amended charge bordering on fraud, obtaining money under false pretense, and money laundering amounting to ₦459,050,000.
During the court session, EFCC counsel O.S. Ujam requested the court to substitute the initial charges filed on March 7, 2025, with an amended charge dated March 10, 2025, which the judge approved.
Details of the charges:
Count One: Ologbosele allegedly took possession of ₦340 million, transferred from the account of one Hope Onome Ogholemu, knowing the funds were proceeds of unlawful activity.
Count Two: Lexicon Multiconcept Media allegedly received ₦16 million from Ologbosele’s Kuda Bank account into its Moniepoint account, also suspected to be laundered funds.
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All defendants pleaded not guilty to the charges.
Following the plea, Ujam requested an adjournment to allow the prosecution time to call witnesses. However, the defense counsel, Samuel Ogala, appealed for bail for all defendants, citing applications filed in March 2025.
Ujam opposed the bail, presenting a 17-paragraph affidavit detailing how the first defendant was arrested in November 2023, but failed to report back to the EFCC for several months until February 5, 2025, describing him as a flight risk.
Justice Akpan, after hearing both parties, adjourned the case to May 2, 2025, for a ruling on the bail applications and ordered the remand of all defendants in Kuje Correctional Facility.
