N740m Trial: Investor tells Court how N58m bitter kola venture yielded no returns
A prosecution witness in the ongoing N740 million alleged fraud trial involving the Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-Concept Media Limited, Osabohein Alex Ologbose, and his wife, Hope Onome Oghelemu, has narrated before a Federal High Court in Abuja how she allegedly lost N58.1 million in an investment scheme promoted as a bitter kola export business.
The witness, Chinyere Okoroafor, gave her testimony on Monday before Justice Ekerete Akpan during proceedings in the case instituted by the Economic and Financial Crimes Commission.
The anti-graft agency is prosecuting the defendants and their companies on a seven-count charge bordering on alleged obtaining by false pretence, conversion of funds and money laundering involving N740 million.
Led in evidence as the first prosecution witness, Okoroafor, a civil servant, told the court that she was introduced to the investment opportunity by Alice Ayeni Alade, whom she identified as an employee of the Nigerian Export-Import Bank.
According to her, the venture was presented as a lucrative business involving the export of bitter kola to international markets, including China, Hong Kong and Indonesia.
She explained that the proposed returns on investment appeared attractive and convinced her to participate in the scheme.
Okoroafor testified that she trusted the business because it was linked to export activities and was introduced by someone she believed possessed adequate knowledge of the sector.
She told the court that she was informed that the venture belonged to Ologbose and Oghelemu and was being operated through Onome Global Market Resources Limited.
The witness further stated that investors were assured of receiving returns after an eight-week cycle covering sourcing, shipment and payment processing.
According to her, she subsequently invested N58.1 million, paying the amount into Alade’s Guaranty Trust Bank account.
However, she said neither the promised returns nor her capital were paid after the investment period elapsed.
Okoroafor told the court that whenever she demanded payment, she was given several explanations, including claims of flooding in China, fire outbreaks in Hong Kong and challenges associated with freight operations.
She added that the defendants participated in meetings aimed at reassuring investors that their funds would be returned.
According to the witness, one such meeting was organised through church leaders, where assurances were allegedly given that payments would be made within two weeks.
She said she eventually petitioned the EFCC after concluding that the investment scheme was not genuine.
The witness further testified that Alade acknowledged receiving the N58.1 million and allegedly provided evidence showing that the funds had been transferred to the defendants.
She also informed the court that she was shown Corporate Affairs Commission documents and company profiles linked to Onome Global Market Resources Limited before making the investment.
Okoroafor maintained that she had neither received any profit from the investment nor recovered her principal sum.
Justice Akpan subsequently adjourned the matter until July 1, 2026, for the cross-examination of the witness.