EFCC Arraigns Suspect Over Alleged ₦700 Million Money Laundering Case

Osagiede was brought before Justice Alexander Owoeye on a six-count charge bordering on conspiracy, possession of proceeds of unlawful activities, and money laundering.

He was accused of conspiring with one Zachariah Lorshe, who is currently at large, to receive and retain the said funds.

At the start of proceedings, EFCC counsel Hannatu Umar Kafarnaisa urged the court to proceed with the arraignment despite an objection raised by the defence counsel, Barrister Adegoke.

After listening to arguments from both parties, Justice Owoeye allowed the arraignment to continue.

The charges were read in court and the defendant entered his plea.

The court thereafter ordered that Osagiede be remanded in custody and adjourned the case until July 22, 2026, for trial.

Court documents show that the defendant and his alleged accomplice reportedly conspired between March 2025 and January 2026 to take possession of ₦700 million, knowing it was derived from unlawful activities.

The EFCC further alleged that they gained unauthorized access to a petitioner’s settlement accounts, from which fraudulent withdrawals were made.

Investigators also claimed the funds were distributed to over 150 beneficiaries across 13 banks, many of whom were Point of Sale (POS) operators allegedly used to cash out the money.

In another count, the defendants were accused of laundering ₦175,234,900, alongside additional sums of ₦71 million, ₦3.5 million, and ₦4,897,000, all allegedly linked to illicit transactions.

The Commission stated that the offences took place in Lagos and fall under the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.

The charge was filed by a prosecution team led by Rotimi Oyedepo (SAN) with other EFCC lawyers.

Justice Owoeye ordered that the defendant remain in custody pending trial and adjourned proceedings to July 22, 2026.