Court Orders Arrest of Agribusiness Promoter Over Alleged N600 Million and $50,000 Investment Fraud
EFCC Trial Stalled as Defendant Fails to Appear
The Special Offences Court in Ikeja, Lagos, has issued an arrest warrant against Ayodele Toyosi, promoter of Reaprite Global Limited and Agrorite Limited, for failing to appear in court for his ongoing N600 million and $50,000 investment fraud trial.
Justice Olubunmi Abike-Fadipe issued the bench warrant following a statement by the Economic and Financial Crimes Commission (EFCC) on Wednesday.
Details of the Fraud Charges
Toyosi and his companies face an 11-count charge bordering on obtaining money by false pretence and stealing. The charges involve sums totaling N600 million and $50,000.
Key Allegations
One count alleges that Toyosi dishonestly converted N200 million belonging to K. C. Akoson Investment Limited and Kenneth C. Maduakor, falsely claiming the funds would be transferred to importers in China.
Another count accuses the defendant of obtaining N300 million through false pretenses, using the money to purchase property in Lagos’ Pinnock Beach Estate instead of transferring it as promised.
The defendant pleaded not guilty when arraigned on August 19, 2024.
Witness Testimony Reveals Investment Scheme
During Tuesday’s hearing, prosecution witness James Emadoye, a chartered accountant and IT expert, testified about being defrauded in the agribusiness investment scheme.
“We committed a total of N40m and $50,000 across three investments. Issues arose when we needed to pay our daughter’s school fees abroad,” Emadoye stated.
Under cross-examination by defense counsel Olalekan Ojo, SAN, Emadoye acknowledged understanding investment risks but maintained the defendant misrepresented the scheme.
Court Proceedings Disrupted
Wednesday’s hearing was stalled when neither the defendant nor his lawyers appeared, citing a medical emergency. Justice Abike-Fadipe responded by:
- Issuing an arrest warrant for Toyosi
- Ordering the EFCC to investigate the medical report
- Warning the defendant to show cause why his bail shouldn’t be revoked
The case has been adjourned to July 8, 2025, for continuation of trial.
Full credit to the original publisher: Nairametrics