Court Orders Arrest of Agribusiness Promoter Over Alleged N600 Million and $50,000 Investment Fraud Trial
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.
EFCC Charges Against Toyosi
Justice Olubunmi Abike-Fadipe issued the bench warrant following a statement by the Economic and Financial Crimes Commission (EFCC). Toyosi and his companies face an 11-count charge for obtaining money by false pretence and stealing.
Details of the Alleged Fraud
The EFCC alleges that Toyosi defrauded investors by falsely promising high-yield returns from agricultural export investments. Key charges include:
- Count 1: Conversion of N200 million belonging to K.C. Akoson Investment Limited and Kenneth C. Maduakor under false pretences.
- Count 2: Obtaining N300 million under false pretences to purchase a property in Lagos.
Toyosi pleaded not guilty when arraigned on August 19, 2024, with the case adjourned for trial.
Witness Testimony
During the May 20, 2025 hearing, prosecution witness James Emadoye, a chartered accountant and IT expert, testified that he and his family lost N40 million and $50,000 in the 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.
Defence counsel Olalekan Ojo, SAN, cross-examined Emadoye, confirming the witness understood investment risks. The case was adjourned to May 21, 2025, for further cross-examination.
Court Proceedings and Arrest Warrant
When the case resumed on May 21, Toyosi and his lawyers were absent, citing a medical emergency. Justice Abike-Fadipe:
- Ordered Toyosi’s arrest
- Directed him to show cause why his bail shouldn’t be revoked
- Instructed EFCC to verify the medical report
The case was adjourned to July 8, 2025, for continuation.
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