The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Ayodele Toyosi before the Lagos State High Court in Ikeja on charges related to alleged investment fraud.
Toyosi was arraigned alongside his companies, Reaprite Global Limited and Agrorite Limited, on 11 counts of obtaining by false pretense and stealing a total of N600,150,000.00 and $50,000.00.
According to a statement by EFCC spokesperson Dele Oyewale, investigations revealed that the defendant allegedly defrauded several individuals by falsely claiming to offer an interest-yielding investment in agricultural exports.
One of the charges stated, “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 K. C. Akoson Investment Limited and Kenneth C. Maduakor by falsely representing that you would assist them in transferring the said money to their importers in China, whereas you expended the money for your personal use, thereby committing an offense contrary to Sections 278 (1) (b) (f) of the Criminal Law of Lagos State 2011.”
The defendant pleaded “not guilty” to the charges.
Following the plea, prosecution counsel G. C Akaogu requested that the defendant be remanded in EFCC custody for the continuation of investigations into other pending petitions against him.
In response, defense counsel Olalekan Ojo requested that the defendant be remanded at the Ikoyi Correctional Facility and asked the court to set a date for the hearing of the bail application.
After considering the submissions, Justice A.M Lawal adjourned the case to August 21, 2024, for the hearing of the bail application and ordered the defendant to be remanded at the Ikoyi Correctional Facility.
