EFCC arraigns Media CEO, Two Others over alleged ₦459m fraud in Abuja

The Economic and Financial Crimes Commission (EFCC) has arraigned the Chief Executive Officer of Lexicon Multiconcept Media Limited, Osabohem Alex Ologbosele, his company, and a staff member, Augustine Osas Iyoha, before Justice E. Akpan of the Federal High Court in Abuja.

The three were brought before the court on Thursday over six amended charges bordering on fraud, obtaining by false pretence, and money laundering involving a total sum of ₦459,050,000.

During the hearing, the EFCC’s prosecuting counsel, O.S. Ujam, sought the court’s permission to withdraw the original charge sheet filed on March 7, 2025, and replace it with an updated version submitted on March 10, 2025. Justice Akpan granted the request, after which the new charges were read out to the accused persons.

A statement posted on the EFCC’s official X (formerly Twitter) handle on Thursday, April 24, confirmed the arraignment, stating that the defendants pleaded not guilty to all the charges brought against them.

Following their plea, the prosecution asked for an adjournment to enable them open their case and call witnesses. Meanwhile, the defence counsel, Samuel Ogala, notified the court of bail applications filed for the first and second defendants on March 24, 2025, and for the third defendant on March 27, 2025. He appealed to the court to consider granting them bail on lenient terms.

However, the EFCC’s lawyer opposed the bail applications, pointing to a 17-paragraph affidavit filed on April 2, 2025. Ujam argued that the defendants were likely flight risks, noting that they had stopped reporting to the EFCC office for several months and might evade justice if released on bail.

The case has now been adjourned for further proceedings.