The Lagos Directorate of the Economic and Financial Crimes Commission (EFCC) on Monday, August 19, 2024, arraigned Ayodele Toyosi before Justice A.M. Lawal of the Lagos State High Court in Ikeja on charges of investment fraud. Toyosi, along with his companies Reaprite Global Limited and Agrorite Limited, faced an 11-count charge involving obtaining by false pretence and stealing a total of N600,150,000 and $50,000.
Investigations revealed that Toyosi allegedly deceived several individuals by promising high returns on investments in agricultural exports. Among the charges, one accuses Toyosi of dishonestly converting N200 million belonging to K.C. Akoson Investment Limited and Kenneth C. Maduakor, under the guise of helping them transfer the funds to importers in China. Instead, the funds were allegedly used for his personal benefit, violating Section 278(1)(b)(f) of the Criminal Law of Lagos State, 2011.
Another charge alleges that Toyosi, through false pretences, obtained N300 million from the same victims, which he used to purchase a property in Pinnock Beach Estate, Lagos, instead of facilitating the promised transactions. This act contravenes Section 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Toyosi pleaded not guilty to the charges. In response, EFCC’s prosecution counsel, G.C. Akaogu, requested that the defendant be remanded in EFCC custody pending further investigation of other allegations against him. However, the defence counsel, Olalekan Ojo, SAN, requested that Toyosi be remanded in the Ikoyi Correctional Facility and sought an early date for the bail hearing.
Justice Lawal subsequently adjourned the case until August 21, 2024, for the bail hearing and ordered Toyosi’s remand in the Ikoyi Correctional Facility.
