The Economic and Financial Crimes Commission (EFCC) on Monday brought Osabohein Ologbose and his wife, Hope Oghelemu, before the court over an alleged N740 million investment scam.
They were arraigned before Justice Ekerete Akpan of the Federal High Court in Abuja alongside two firms — Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited.
The defendants pleaded not guilty to a seven-count charge bordering on obtaining money under false pretences, diversion of funds, and money laundering filed by the prosecution.
According to the EFCC, the alleged offences violate Section 18(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022. According to the amended charges filed on 28 January 2026, the EFCC alleged that Mr Ologbose, between January 2023 and April 2024, took possession of N340 million paid into his Kuda Microfinance Bank account by Mss Oghelemu, knowing the funds were proceeds of unlawful activity.
Another count accused him of using N24.1 million—also allegedly sourced from unlawful proceeds—to establish and operate a music and photo studio at Crowther Plaza in Abuja. The defendants pleaded not guilty to all charges.