Businessman Tells Court How He Allegedly Lost Over N500m in Investment Scam
Businessman Tells Court How He Allegedly Lost Over N500m in Investment Scam
A businessman, Ikechukwu Chikelum, has told the Federal High Court in Abuja how he allegedly invested more than N500 million in companies owned by a couple, Osabohein Alex Ologbose and his wife, Hope Onome Oghelemu, but neither recovered his capital nor received returns on his investment.
Chikelum, the third Prosecution Witness (PW3), gave the testimony on Thursday, September 24, 2026, during the trial of the Chief Executive Officer of Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, Ologbose, and his wife before Justice Ekerete Akpan.
The couple, alongside their two companies, are being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge bordering on obtaining by false pretence, conversion of funds and money laundering involving N740 million.
The charges are contrary to Section 18(2)(b) of the Money Laundering Prevention and Prohibition Act 2022 and punishable under Section 18(4) of the same Act.
Chikelum told the court that he was introduced to the investment opportunity by his friend, Modestus Uche Okafor, who subsequently took him to Alice Ayeni, a director of Onome Global Market Resources Limited.
Led in examination-in-chief by prosecution counsel, O.S. Ujam, the witness said he became interested in the investment in June 2023 after his friend told him about the couple’s business of exporting “bitter kola” to China and Hong Kong.
He said Ayeni, whom he met at the Nigerian Export-Import Bank (NEXIM Bank), explained the investment opportunity and showed him the profile of Onome Global Market Resources Limited.
According to Chikelum, the company profile contained the name and photograph of its Chief Executive Officer, Onome Alex, as well as the company’s Corporate Affairs Commission certificate, EFCC’s Special Control Unit against Money Laundering certificate and export promotion certificates.
He said the documents convinced him that the business was genuine and prompted him to initially invest in the export of 100 bags of “bitter kola”.
The witness said each bag cost N310,000, adding that he transferred N31 million from his Ecobank account to an account belonging to Ayobola Anike Ventures, which was provided by Ayeni for the 100 bags.
According to him:
“Modestus and I met Madam Alice Ayeni at NEXIM Bank. She explained the investment to me and gave me a profile of the company, Onome Global Market Resources Limited, which they use in exporting ‘bitter kola’ to China and Hong Kong. When I opened the profile, I saw the Chief Executive Officer as Onome Alex. I also saw the CEO’s husband’s picture there, Alex.
“I also noticed that Ayeni is one of the directors of Onome Global Market Resources Limited. I saw the Corporate Affairs Commission certificate, the Special Control Unit against Money Laundering certificate from the EFCC, and the Export Promotion Council certificate. I was convinced that it was a genuine business to invest in.”
Chikelum further told the court that he transferred another N62 million for 200 bags of “bitter kola” after Ayeni allegedly told him that he could increase his investment.
He said he subsequently transferred N267.22 million for 862 bags of “bitter kola” for export to China and another N220.15 million for 710 bags intended for export to Hong Kong.
The witness added that he also transferred N20.4 million for 60 bags of red “kolanut” intended for export to Indonesia.
He said all the payment receipts were forwarded to Ayeni through WhatsApp and were acknowledged by her.
Chikelum alleged that despite the various payments, he neither recovered his capital nor received any return on his investment.
The EFCC is prosecuting the defendants over the alleged N740 million financial offences. The allegations have not been proved in court, and the defendants remain entitled to the presumption of innocence.
