The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Osaretin Osagiede, before a Federal High Court in Lagos over alleged money laundering involving more than ₦700 million.
Akelicious reports that Osagiede was arraigned before Justice Alexander Owoeye on a six-count charge bordering on conspiracy, possession of suspected proceeds of unlawful activities and money laundering.
He was alleged to have conspired with one Zachariah Lorshe, who is currently at large, to receive and possess the funds.
At the commencement of proceedings, prosecution counsel, Hannatu Umar Kafarnaisa, urged the court to proceed with the arraignment despite an objection raised by the defence counsel, Barrister Adegoke.
After hearing arguments from both sides, Justice Owoeye allowed the arraignment to proceed.
The charges were read to the defendant and his plea was taken.
The court subsequently ordered that Osagiede be remanded in custody and adjourned the matter till July 22, 2026, for trial.
According to the charge filed by the Federal Government, Osagiede and Lorshe allegedly conspired between March 2025 and January 2026 to take possession of ₦700 million, knowing that the funds formed part of the proceeds of an unlawful act.
The anti-graft agency further alleged that the defendant and his accomplice gained unauthorised access to the petitioner’s settlement accounts, leading to fraudulent withdrawals.
The EFCC said the funds were traced to over 150 beneficiaries in 13 different banks, most of whom were Point of Sale operators allegedly used to withdraw the money in cash.
In another count, the defendants were accused of taking possession of ₦175,234,900, allegedly knowing that the money constituted proceeds of unlawful activities.
The fourth count alleged that they received ₦71 million under similar circumstances.
The prosecution also accused them of taking possession of ₦3.5 million and ₦4,897,000 respectively, knowing that the funds were proceeds of unlawful acts.
The EFCC alleged that the offences were committed in Lagos within the jurisdiction of the Federal High Court.
The commission said the offences contravened Sections 21 and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.
The charge was signed by a team of prosecutors led by Rotimi Oyedepo (SAN), alongside Bilkisu Buhari Bala, Suleiman Ismail Suleiman, Chisara Okezie, Abbas Muhammed Omeiza and Hannatu Umar Kafarnaisa.
Justice Owoeye adjourned the matter till July 22, 2026, for trial and ordered that the defendant remain in custody pending further proceedings.
