- EFCC Arraigns Lagos Man Over Alleged N700m Money Laundering
- Alleged to have conspired with one Zachariah Lorshe, who is currently at large
- The prosecution further alleged that the defendant gained unauthorised access to a petitioner’s bank statement
The Economic and Financial Crimes Commission (EFCC) has arraigned one Osaretin Osagiede before a Federal High Court in Lagos over allegations of laundering N700 million.
Eko Hot Blog reports that Osagiede was arraigned on a six-count charge before Justice Alexander Owoeye, bordering on conspiracy and possession of funds suspected to be proceeds of unlawful activities.
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He was alleged to have conspired with one Zachariah Lorshe, who is currently at large.
At the commencement of proceedings, prosecution counsel, Hannatu Kafarnaisa, urged the court to proceed with the arraignment despite an objection raised by the defence counsel, Mr. A. Adegoke.
After hearing arguments from both sides, the court allowed the charge to be read to the defendant.
Following his plea, 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, the defendant and his alleged accomplice conspired between March 2025 and January 2026 to take possession of N700 million, knowing the funds were proceeds of unlawful activities, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution further alleged that the defendant gained unauthorised access to a petitioner’s bank statement, which led to fraudulent withdrawals traced across more than 150 beneficiaries in 13 banks, including several Point of Sale (POS) operators who allegedly facilitated cash withdrawals.
In separate counts, the EFCC accused the defendant of taking possession of various sums, including N175.23 million, N71 million, N3.5 million and N4.89 million, all allegedly linked to illicit financial activities.
The offences were said to have been committed in Lagos and are punishable under relevant sections of the Act.
Justice Owoeye ordered that the defendant remain in custody pending further proceedings.
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