Businessman remanded over alleged N700m money laundering

A federal high court sitting in Lagos has ordered the remand of Osaretin Osagiede, a businessman at the Ikoyi custodial centre over allegations of laundering more than N700 million suspected to be proceeds of unlawful activities.

Justice Alexander Owoeye gave the order after the defendant was arraigned by the Economic and Financial Crimes Commission (EFCC) on a six-count charge relating to conspiracy and money laundering.

During the proceedings, Hannatu Kafarnaisa, EFCC counsel informed the court that Osagiede allegedly conspired with one Zachariah Lorshe, who remains at large, to receive and retain funds believed to have originated from illegal activities.

The prosecution urged the court to proceed with the arraignment despite objections raised by defence counsel, Babatunde Adegoke.

After hearing arguments from both sides, the court ruled in favour of the prosecution and allowed the arraignment to continue.

Osagiede pleaded not guilty to all charges preferred against him.

Following his plea, Justice Owoeye ordered that the defendant be remanded in custody and adjourned the matter until July 22, 2026, for the commencement of trial.

According to the EFCC, the defendant and his alleged accomplice unlawfully possessed N700 million between March 2025 and January 2026, knowing the funds were proceeds of criminal activities.

Investigators further alleged that the suspects gained unauthorised access to a complainant’s settlement accounts, resulting in fraudulent withdrawals routed through more than 150 beneficiaries across 13 commercial banks.

Many of the beneficiaries were reportedly Point-of-Sale operators through whom cash withdrawals were made.

The anti-graft agency also accused the defendants of separately receiving and retaining several sums, including N175.2 million, N71 million, N3.5 million and N4.9 million, allegedly linked to unlawful transactions.

The EFCC maintained that the offences contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Nigerian law.