The Lagos Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Ayodele Toyosi for alleged investment fraud before Justice A.M. Lawal at the Lagos State High Court in Ikeja. Toyosi, along with his companies, Reaprite Global Limited and Agrorite Limited, faces 11 counts of obtaining by false pretence and stealing, amounting to N600,150,000 and $50,000.
Investigations revealed that Toyosi defrauded several individuals by falsely claiming to offer interest-yielding investments in agricultural export. One charge states that in June 2023, he allegedly converted N200,000,000 belonging to K.C. Akoson Investment Limited into his personal use by misrepresenting that he would help transfer the funds to their importers in China.
Another charge accuses him of obtaining N300,000,000 from the same investors under the pretense of facilitating a transaction, while using the funds to purchase property at Pinnock Beach Estate in Lagos.
Toyosi has pleaded “not guilty” to the charges. In response to the prosecution’s request for his remand, defense counsel Olalekan Ojo sought to have him placed in the Ikoyi Correctional facility and requested a hearing date for a bail application.
The case is adjourned until August 21, 2024, for the bail hearing, with Toyosi remanded in custody.