The Federal High Court in Abuja has continued hearing the alleged ₦740 million investment-fraud case involving Osabohein Alex Ologbose, Hope Onome Oghelemu and companies linked to them.
At proceedings before Justice Ekerete Akpan, businessman Ikechukwu Chikelum, appearing as the third prosecution witness, narrated how he allegedly invested more than ₦500 million in what was represented to him as an agricultural export business involving bitter kola and other products.
Chikelum said he was introduced to the investment in 2023 and was shown a company profile and documents which he understood to include Corporate Affairs Commission registration, a Special Control Unit Against Money Laundering certificate and export-related documentation.
He told the court that these documents strengthened his confidence in the proposed business.
His first investment was ₦31 million for 100 bags of bitter kola, allegedly intended for export.
He said he subsequently transferred another ₦62 million for 200 bags, followed by ₦267.22 million for 862 bags and another ₦220.15 million for 710 bags reportedly intended for overseas markets.
Those transfers amount to approximately ₦580.37 million.
The witness testified that he has received neither his capital nor any investment return.
The EFCC is prosecuting Ologbose, Oghelemu, Onome Global Market Resources Limited, Lexicon Multi-concept Media Limited and others on seven counts involving allegations of obtaining by false pretence, conversion and money laundering totalling about ₦740 million.
The prosecution alleges offences under the Money Laundering (Prevention and Prohibition) Act 2022.
The defendants’ guilt has not been established. Chikelum’s evidence represents prosecution testimony which remains subject to cross-examination, defence evidence and final evaluation by the court.
The proceedings nevertheless offer a significant compliance lesson for investors: incorporation records and regulatory certificates can establish that an entity exists or has completed particular filings, but they do not by themselves guarantee the profitability, solvency or legitimacy of every investment proposal made in that entity’s name.
READ MORE: LegalLinkz — EFCC Arraigns Two Over £110,000, ₦500m Fraud
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SOURCE: SaharaReporters
