Court Remands Businessman Over Alleged N700m Money Laundering

Justice Alexander Owoeye of the Federal High Court in Lagos has remanded a businessman, Osaretin Osagiede, in the custody of the Ikoyi Custodial Centre for allegedly laundering N700 million.

Justice Owoeye ordered that Osagiede be kept behind bars after he was arraigned before him by the Economic and Financial Crimes Commission (EFCC) on six counts of conspiracy and money laundering.

The EFCC prosecutor, Hannatu Kafarnaisa, had told the judge that the defendant conspired with one Zachariah Lorshe, who is currently at large, to receive and hold funds suspected to be proceeds of illegal activities.

At the commencement of proceedings, Kafarnaisa urged the court to proceed with the arraignment despite objections raised by the defence counsel, Babatunde Adegoke.

After listening to both parties, Justice Owoeye ruled that the arraignment should go ahead.

After the charge was read, the defendant pleaded not guilty, and the court ordered that he be remanded in custody, then adjourned the case to July 22, 2026, for trial.

In the charge, the anti-graft agency accused Osagiede and Lorshe of conspiring between March 2025 and January 2026 to directly possess N700 million, knowing it to be the proceeds of unlawful activities.

The prosecution also accused them of possessing the N700 million during that period, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

The EFCC further alleged that the defendants accessed the complainant’s settlement accounts without authorisation, leading to fraudulent withdrawals traced to over 150 beneficiaries across 13 banks.

Most beneficiaries were POS operators from whom the defendant withdrew cash.

In count three, the defendants were accused of possessing N175,234,900, knowing it to be proceeds of unlawful acts. Count four states they received N71 million under similar circumstances.

Additionally, they reportedly took possession of N3.5 million and N4.897 million, respectively, knowing these funds were from unlawful sources.

The EFCC claims that these offences occurred in Lagos, within the jurisdiction of the Federal High Court, and that they violate Sections 21 and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3).