N740m scam trial: Witness claims she paid N58m, got excuses instead of returns
Prosecution Witness Testifies in Investment Fraud Case
A witness testified in Abuja’s Federal High Court on June 22, 2026, regarding a significant investment loss linked to Osabohein Alex Ologbose, CEO of Onome Global Market Resources Limited, and his wife, Hope Onome Oghelemu.
Chinyere Okoroafor, a civil servant, claimed to have lost N58.1 million in an investment scheme presented as a bitter kola export business targeting markets in China, Hong Kong, and Indonesia. The case, overseen by Justice Ekerete Akpan, involves the defendants facing seven counts related to allegations of obtaining money under false pretenses, fund conversion, and money laundering amounting to N740 million.
During her testimony, Okoroafor recounted how she became involved in the investment through Alice Ayeni Alade, an employee of the Nigerian Export-Import Bank (NEXIM). She described being enticed by promised returns over an eight-week cycle that involved sourcing, shipment, and payment processing.
“I made a payment totaling N58.1 million into Alice Ayeni Alade’s GTB account,” Okoroafor stated. However, after the investment period concluded, she reported not receiving her promised returns or the principal amount.
Okoroafor indicated that Alade provided multiple explanations for the delays, including flooding in China and fires in Hong Kong. She alleged that the defendants were present during discussions with investors, reassuring them of eventual payments. A meeting organized by church leaders allegedly included a promise that payments would occur within two weeks.
Ultimately, Okoroafor reported the situation to the Economic and Financial Crimes Commission (EFCC), believing the investment scheme was fraudulent. Alade reportedly confirmed the receipt of her funds and provided proof of their transfer to Ologbose and Oghelemu.
“The defendants have not settled any payment to me to date,” she said.
Justice Akpan adjourned the case until July 1, 2026, for cross-examination.
