EFCC Takes Legal Action Against Individual In N600m And $50,000 Fraud Case

EFCC Takes Legal Action Against Individual In N600m And $50,000 Fraud Case

On Monday, the Economic and Financial Crimes Commission (EFCC) brought charges against Ayodele Toyosi before the Lagos State High Court in Ikeja for alleged investment fraud. Toyosi, along with his companies—Reaprite Global Limited and Agrorite Limited—faces 11 counts of obtaining by false pretenses and theft involving a total of N600,150,000 and $50,000…… CONTINUE READING 

EFCC spokesperson Dele Oyewale stated that the investigation revealed Toyosi is accused of deceiving individuals with promises of lucrative agricultural export investments. One specific charge alleges that in June 2023, Toyosi and his companies misappropriated N200,000,000 belonging to K.C. Akoson Investment Limited and Kenneth C. Maduakor by falsely claiming they would transfer the funds to importers in China.

Toyosi pleaded “not guilty” to the charges. The prosecution, represented by G.C. Akaogu, requested that Toyosi be held in EFCC custody while further investigations continue. In response, Toyosi’s defense counsel, Olalekan Ojo, requested that he be remanded in the Ikoyi Correctional Facility and sought a hearing date for a bail application.

Justice A.M. Lawal adjourned the case until August 21, 2024, for the bail hearing and ordered Toyosi to remain in the Ikoyi Correctional Facility in the meantime.

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