The Economic and Financial Crimes Commission on Monday arraigned an Abuja-based couple, Osabohein Ologbose and his wife, Hope Oghelemu, before the Federal High Court in Abuja over an alleged N740m fraud.
The pair were docked before Justice Ekerete Akpan alongside two companies, Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited, on a seven-count charge bordering on obtaining by false pretence, conversion of funds and money laundering.
The anti-graft agency said the alleged offences contravene Section 18(2)(b) and are punishable under Section 18(4) of the Money Laundering (Prevention and Prohibition) Act, 2022.
According to the prosecution, between January 2023 and April 2024, Ologbose allegedly took custody of N340m paid into his Kuda Microfinance Bank account from an Access Bank account reportedly owned by his wife, funds he reasonably ought to have known were proceeds of unlawful activities.
In a separate count, the commission alleged that he expended N24.1m from the same funds to establish a music and photography studio at Crowther Plaza in the Gudu District of Abuja, despite allegedly being aware of the illicit origin of the money.
The EFCC further accused the couple of enticing investors with claims of procuring and exporting bitter kola and red kolanut to Hong Kong, China and Indonesia, promising substantial returns.
Investigations, however, revealed that the investors neither received profits nor recovered their capital.
The commission described the arraignment as part of its ongoing efforts to bring individuals and firms involved in large-scale financial crimes to justice.