Floods in China, fire in Hong Kong: witness recounts excuses in N740m scam case

A prosecution witness in the ongoing N740 million investment fraud trial involving Osabohein Alex Ologbose, a businessman, and Hope Onome Oghelemu, his wife, on Monday told the Federal High Court in Abuja how the defendants allegedly offered a string of excuses, including flooding in China, fire outbreaks in Hong Kong and freight challenges, to explain delays in paying returns on her N58.1 million investment in a purported bitter kola export business.

The couple, alongside their companies, Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, are being prosecuted by the Economic and Financial Crimes Commission for alleged offences bordering on obtaining by false pretence, conversion of funds, and money laundering involving N740 million.

The defendants are facing a seven-count charge before Ekerete Akpan (Justice).

Chinyere Okoroafor, the first prosecution witness, a civil servant, told the court that she was introduced to the investment opportunity by one Alice Ayeni Alade, whom she identified as a staff member of the Nigerian Export-Import Bank.

According to her testimony, Alade presented the scheme as a lucrative export business involving bitter kola shipments to China, Hong Kong and Indonesia, where the produce was allegedly used for pharmaceutical purposes.

She said the attractive returns promised by the investment, coupled with Alade’s position at NEXIM Bank and the export-focused nature of the business, convinced her to participate.

“Because she was working with NEXIM Bank and we were talking about exportation, I believed and trusted her that she knew what she was talking about,” Okoroafor told the court.

The witness stated that she was informed that the business belonged to Oghelemu and Ologbose, who allegedly operated through Onome Global Market Resources Limited.

She further explained that investors were told the business cycle would take eight weeks, with two weeks allocated for sourcing bitter kola, four weeks for shipment and another two weeks for processing payments from foreign partners before profits were distributed.

Based on these assurances, she invested a total of N58.1 million.

Okoroafor disclosed that the funds were paid into Alade’s Guaranty Trust Bank account, with the expectation that the investment and promised returns would mature after eight weeks.

However, when the agreed period elapsed, she said she was informed that payments had not been received from the operators of the scheme.

According to her, repeated explanations followed, including claims of flooding in China, fire incidents in Hong Kong and freight-related challenges.

She told the court that both defendants repeatedly appealed for patience through WhatsApp group discussions and other meetings.

“When the pressure became much on Alade, she had to bring in the first and third defendants, and they kept pleading with me that I should be patient,” she said.

The witness further revealed that Alade later confirmed receiving her N58.1 million investment and allegedly provided evidence showing that the money had been transferred to the defendants.

She added that she was shown various corporate documents, including registration papers from the Corporate Affairs Commission and company profiles meant to establish the legitimacy of the business.

In another effort to reassure investors, Okoroafor said church leaders at Living Faith Church, Sunny-Ville Estate, Abuja, organised a meeting involving the parties.

During the meeting, she alleged that Oghelemu knelt and begged investors, assuring them that all outstanding payments would be made within two weeks.

However, the witness told the court that she later discovered that there was no genuine investment operation and that the foreign business relationships presented to investors did not exist.

“Till date, I have not received any return on investment from the defendants. I have not even had any communication with the defendants. I have not equally received the principal sum that I invested,” she said.

Akpan subsequently adjourned the matter until July 1, 2026, for cross-examination of the witness.

Earlier, Peter Femi Joseph, defence counsel, sought an adjournment, arguing that his legal team had only recently taken over the case and had yet to receive some of the relevant case documents from previous counsel.

The request was, however, declined by the court, which directed that the trial proceed.

The EFCC alleges that the defendants laundered and diverted approximately N740 million obtained from investors under the guise of investment opportunities, contrary to provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

In a related development, EFCC arraigned two men, Shamsudeen Lawal and Abubakar Abdulkadir, before the Federal Capital Territory High Court in Nyanya, Abuja, over an alleged $180,000 breach of trust involving funds earmarked for the procurement of equipment for a telecommunications contract.

The defendants were arraigned before Aliyu Shafa (Justice) on a two-count charge bordering on criminal breach of trust and obtaining by false pretence.

According to the EFCC, the defendants, alongside another suspect currently at large, allegedly mismanaged funds provided by Data Group for the purchase of equipment intended to service MTN Nigeria Communications Limited.

The anti-graft agency alleged that the sum of $180,000 was entrusted to the defendants for the specific purpose of procuring the equipment but was instead transferred to one Ahmed Sarki Mohammed, said to be based in Uganda, for an unrelated purpose.

One of the charges alleges that the defendants conspired to commit criminal breach of trust by diverting the funds in violation of the conditions under which the money was entrusted to them.

The second charge accuses them of breaching trust by redirecting the funds away from the intended transaction, contrary to the provisions of the Penal Code applicable in the Federal Capital Territory.

When the charges were read, both defendants pleaded not guilty.

Following their plea, Mariya U. Shariff, prosecuting counsel, requested a date for trial.

Defence counsel J.U. Bolori subsequently applied for bail on behalf of the defendants.

According to a statement by Dele Oyewale, EFCC spokesman, the prosecution did not oppose the application.

Shafa thereafter granted each defendant bail in the sum of N1 million with two sureties.

The court directed that one of the sureties must be a businessman with a verifiable means of livelihood and must depose to an affidavit supporting the bail bond.

The case was adjourned until September 29, 2026, for the commencement of trial.