EFCC arraigns man for alleged N600m, $50,000 investment fraud
The Economic and Financial Crimes Commission (EFCC) arraigned Ayodele Toyosi on Monday before a Lagos State High Court in Ikeja over an alleged investment fraud. Toyosi, along with his companies, Reaprite Global Limited and Agrorite Limited, faced 11 charges related to obtaining money by false pretenses and stealing, amounting to N600,150,000 and $50,000.
According to a statement by the EFCC’s spokesperson, Dele Oyewale, Toyosi is accused of defrauding individuals by falsely claiming to offer an interest-yielding investment in agricultural exports. One charge alleged that in June 2023, Toyosi dishonestly converted N200 million, belonging to K.C. Akoson Investment Limited and Kenneth C. Maduakor, for personal use instead of transferring it to importers in China as promised.
Toyosi pleaded "not guilty" to the charges. The prosecution counsel, G.C. Akaogu, requested that Toyosi be remanded in EFCC custody to continue investigations into other pending petitions against him. However, the defense counsel, Olalekan Ojo, requested that Toyosi be remanded at the Ikoyi Correctional facility and sought a date for a bail hearing.
Justice A.M. Lawal scheduled the bail hearing for August 21, 2024, and ordered Toyosi's remand at the Ikoyi Correctional facility.
The Economic and Financial Crimes Commission (EFCC) arraigned Ayodele Toyosi on Monday before a Lagos State High Court in Ikeja over an alleged investment fraud. Toyosi, along with his companies, Reaprite Global Limited and Agrorite Limited, faced 11 charges related to obtaining money by false pretenses and stealing, amounting to N600,150,000 and $50,000.
According to a statement by the EFCC’s spokesperson, Dele Oyewale, Toyosi is accused of defrauding individuals by falsely claiming to offer an interest-yielding investment in agricultural exports. One charge alleged that in June 2023, Toyosi dishonestly converted N200 million, belonging to K.C. Akoson Investment Limited and Kenneth C. Maduakor, for personal use instead of transferring it to importers in China as promised.
Toyosi pleaded "not guilty" to the charges. The prosecution counsel, G.C. Akaogu, requested that Toyosi be remanded in EFCC custody to continue investigations into other pending petitions against him. However, the defense counsel, Olalekan Ojo, requested that Toyosi be remanded at the Ikoyi Correctional facility and sought a date for a bail hearing.
Justice A.M. Lawal scheduled the bail hearing for August 21, 2024, and ordered Toyosi's remand at the Ikoyi Correctional facility.
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