The Economic and Financial Crimes Commission has arraigned one Osaretin Osagiede before the Federal High Court sitting in Lagos over alleged money laundering involving more than ₦700 million.
Osagiede was arraigned before Justice Alexander Owoeye on a six-count charge bordering on alleged conspiracy, possession and receipt of funds suspected to be proceeds of unlawful activities.
The defendant was alleged to have conspired with one Zachariah Lorshe, who is said to be at large, to receive and take possession of funds suspected to have been unlawfully obtained.
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, Barrister Adegoke.
After hearing arguments from both sides, Justice Owoeye permitted the arraignment to proceed.
The charges were thereafter read to the defendant and his plea was taken.
Following the arraignment, the court ordered that Osagiede 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 an unlawful act.
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 alleged accomplice had unauthorised access to the petitioner’s settlement accounts, which led to fraudulent withdrawals from the petitioner’s account.
According to the prosecution, the allegedly stolen funds were traced to over 150 beneficiaries in 13 different banks.
The EFCC said the beneficiaries were mostly Point of Sale operators, from whom the defendant allegedly withdrew the fraudulent funds in cash.
In count three, Osagiede and Lorshe 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, 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.