EFCC arraigns man for alleged N600m, $50,000 investment fraud

The Economic and Financial Crimes Commission, on Monday, arraigned one Ayodele Toyosi for an alleged investment fraud before a Lagos State High Court in Ikeja.

The defendant was arraigned alongside his companies, Reaprite Global Limited and Agrorite Limited, on 11 charges bordering on obtaining by false pretence and stealing to the tune of N600,150,000,00 and $50,000.00.

A statement by the EFCC’s spokesperson, Dele Oyewale, said
investigation revealed that the defendant allegedly defrauded some persons on the pretence that he had an interest-yielding investment in agricultural export.

One of the counts read, “That you, Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime in June 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your use the aggregate sum of N200,000,000.00 belonging to one K. C. Akoson Investment Limited and Kenneth C. Maduakor by dishonestly representing to them that you will help them transfer the said money to their importers in China whereas you expended the money for your personal use and committed an offence contrary to Sections 278 (1) (b) (f) of the Criminal Law of Lagos State 2011,” among others.

However, the defendant pleaded “not guilty” to the offence.

Given his plea, the prosecution counsel, G. C Akaogu, prayed the defendant be remanded in the EFCC’s custody for the continuation of the investigations of other petitions pending against him.

Responding, the defence counsel, Olalekan Ojo, prayed the court to remand the defendant to the Ikoyi Correctional facility, while he also sought a date for the hearing of the bail application.

After listening to both counsels, Justice A.M Lawal adjourned the matter till August 21, 2024, for the hearing of the bail application and also remanded the defendant in the Ikoyi Correctional facility.