EFCC arraigns man for N600m, $50,000.00 Investment scam in Lagos

Eric Patrick

The Economic and Financial Crimes Commission, Lagos Directorate has arraigned one Ayodele Toyosi for an alleged investment fraud before Justice A.M. Lawal of the Lagos State High Court sitting in Ikeja.

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

This was contained in a statement by the Economic and Financial Crimes Commission and shared on its Facebook page on Monday. 

According to the statement, the defendant allegedly defrauded a number of 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 own 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.”

Another count read, “That you, Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime in June 2023 in Lagos, within the jurisdiction of this Honourable Court, by false pretence and with intent to defraud, obtained the aggregate sum of N300,000,000.00 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 used the money to purchase a property known as Plot 17 Pinnock Beach Estate, Anyiran Town, Eti Osa Local Government Area, Lagos and committed an offence contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance fee Fraud and Other Fraud Related Offences Act, 2006.”

He pleaded “not guilty” to the offence.

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

The defence counsel, Olalekan Ojo, SAN, prayed the court to remand the defendant in the Ikoyi Correctional facility.

He also sought a date for the hearing of the bail application.

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