A couple and their two companies face trial before Justice Ekerete Akpan on seven counts of fraud.
Prosecutors allege that Oghelemu and Ologbose, operating through Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, defrauded investors of N740 million.
The Economic and Financial Crimes Commission brought charges including obtaining by false pretence, conversion of funds, and money laundering.
Chinyere Okoroafor, a civil servant, testified as the first prosecution witness on Wednesday. She explained how she got pulled into the scheme.
Someone named Alice Ayeni Alade introduced her to what was pitched as an export business. Alade claimed to work at the Nigerian Export-Import Bank.
According to Okoroafor's account, the scheme involved shipping bitter kola to China, Hong Kong and Indonesia for pharmaceutical use.
She said the promise of high returns, combined with Alade's NEXIM position, made the deal seem credible. "Because she was working with NEXIM Bank and we were talking about exportation, I believed and trusted her," Okoroafor told the court.
Alade allegedly presented the business as belonging to the two defendants. Investors would see their money returned within eight weeks, she said.
The timeline sounded reasonable to her. Two weeks for sourcing bitter kola, four weeks for shipping, and two weeks for foreign payments to clear.
Okoroafor handed over N58.1 million in total. She transferred the funds to a Guaranty Trust Bank account Alade provided.
Eight weeks came and went. No money returned.
Instead of refunds, Okoroafor got excuses. Floods had hit China, she was told.
Fires had struck Hong Kong warehouses.
Shipping delays became the next explanation. Through WhatsApp groups and in-person meetings, both defendants pleaded for patience.
"When the pressure became much on Alade, she had to bring in the first and third defendants, and they kept pleading with me that I should be patient," Okoroafor recounted.
Alade later acknowledged receiving the full N58.1 million. She allegedly showed proof that she'd passed the money to the defendants.
Documents followed. Corporate Affairs Commission registration papers appeared, along with company profiles meant to look legitimate.
A church intervened. Leaders at Living Faith Church in Sunny-Ville Estate, Abuja, organised a reconciliation meeting.
There, Oghelemu allegedly knelt before the gathered investors. He promised settlement within fourteen days, according to Okoroafor's testimony.
That promise never materialised. Years have now passed without any investment returns.
Okoroafor later discovered the entire operation was fabricated. No legitimate export business existed, she told the court.
The foreign relationships presented to investors were never real. She has received nothing and heard nothing from either defendant since then.
