By George Omagbemi Sylvester
The Economic and Financial Crimes Commission on Monday arraigned an Abuja-based couple before the Federal High Court in Abuja over an alleged ₦740 million investment fraud, intensifying Nigeria’s ongoing crackdown on financial crimes.
The defendants (Osabohein Alex Ologbose and his wife, Hope Onome Oghelemu) were docked alongside their companies, Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited, on multiple counts bordering on obtaining money by false pretence, criminal breach of trust, and money laundering.
According to the EFCC, the alleged offences were committed in Abuja within the Federal Capital Territory, where the couple reportedly operated an investment platform that promised unusually high and guaranteed returns to subscribers.
Prosecutors told the court that between periods outlined in the charge sheet, the defendants allegedly collected funds from unsuspecting investors under the pretext of deploying the money into profitable ventures.
The anti-graft agency maintains that rather than invest the funds as represented, the accused persons allegedly diverted the proceeds for personal use, thereby defrauding victims to the tune of approximately ₦740 million.
At the arraignment on 16 February 2026, the defendants pleaded not guilty to the charges.
The presiding judge ordered their remand pending the hearing and determination of their bail applications. Trial dates are expected to be fixed as proceedings continue.
The EFCC stated that the case was triggered by petitions from investors who became suspicious after repeated delays in receiving promised returns and difficulties in withdrawing their capital.
Subsequent investigations reportedly uncovered financial trails linking large inflows of investor funds to accounts associated with the defendants and their companies.
Under Nigeria’s Advance Fee Fraud and Other Fraud Related Offences Act, obtaining money by false pretence carries severe penalties upon conviction.
The Money Laundering (Prohibition) Act also empowers authorities to trace and recover illicit proceeds, freeze accounts and confiscate assets believed to be connected to criminal conduct.
Financial analysts warn that such schemes often exploit economic vulnerability. Professor Uche Uwaleke of Nasarawa State University has previously cautioned that “periods of high inflation and weak traditional investment returns create fertile ground for fraudulent operators who promise unrealistic profits.”
Similarly, former World Bank Vice President for Africa, Obiageli Ezekwesili, has consistently argued that “financial transparency and institutional enforcement are indispensable pillars of economic stability.”
In her public commentaries on governance and accountability, she emphasizes that unchecked financial crimes erode both investor confidence and national development prospects.
Investigators allege that the Abuja-based scheme followed a familiar operational pattern: persuasive marketing, structured payment plans, assurances of guaranteed returns, and the use of corporate registration documents to project legitimacy. Victims were reportedly encouraged to recruit others, creating a multiplier effect that rapidly expanded the pool of contributors before the alleged collapse of payments.
The arraignment underscores the EFCC’s renewed focus on dismantling unlicensed investment operations across Nigeria.
In recent months, the Commission has reiterated warnings to the public to verify investment platforms with the Securities and Exchange Commission before committing funds.
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