The Economic and Financial Crimes Commission (EFCC) has arraigned one Osaretin Osagiede before a Federal High Court in Lagos on a six-count charge bordering on alleged money laundering involving over ₦700 million.
Osagiede was arraigned before Justice Alexander Owoeye on allegations that he conspired with one Zachariah Lorshe, who is currently at large, to receive and possess funds suspected to be proceeds of unlawful activities.
At the commencement of proceedings, prosecution counsel, Hannatu Umar Kafarnaisa, urged the court to proceed with the arraignment despite an objection raised by defence counsel, Adegoke.
Following arguments by counsel, Justice Owoeye permitted the arraignment to proceed.
After the charges were read to the defendant and his plea was taken, the court ordered that he be remanded in custody and adjourned the matter until 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 directly take possession of ₦700 million, knowing that the funds formed part of the proceeds of unlawful activities.
The prosecution further alleged that the defendants directly took possession of the ₦700 million during the period under review, contrary to the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency also alleged that the defendant and his cohort gained unauthorised access to the petitioner’s settlement accounts, which led to fraudulent withdrawals from the accounts. The funds were allegedly traced to more than 150 beneficiaries across 13 different banks.
According to the EFCC, most of the beneficiaries were Point of Sale (POS) operators from whom the defendant allegedly withdrew the fraudulently obtained funds in cash.
In count three, the duo was accused of taking possession of ₦175,234,900, allegedly knowing that the money constituted proceeds of unlawful activities.
The fourth count alleged that the defendants 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 activities.
The EFCC alleged that the offences were committed in Lagos within the jurisdiction of the Federal High Court and are contrary to Sections 21 and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and 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 subsequently adjourned the matter until July 22, 2026, for trial and ordered that the defendant remain in custody pending further proceedings.
