On Monday, August 19, 2024, Ayodele Toyosi faced charges at the Lagos State High Court in Ikeja, accused of orchestrating a massive investment fraud.
The Economic and Financial Crimes Commission (EFCC) has brought Toyosi, alongside his companies Reaprite Global Limited and Agrorite Limited, before Justice A.M. Lawal on multiple counts of fraud.
The charges allege that Toyosi defrauded investors of approximately N600 million and $50,000 under the guise of promising lucrative returns from agricultural exports. The court heard that Toyosi is accused of deceiving investors by falsely claiming he would transfer their funds to importers in China. Instead, the funds were allegedly misappropriated for personal use, including the purchase of a property in Lagos.
One of the charges specifies that in June 2023, Toyosi and his companies fraudulently diverted N200 million, which was supposed to be transferred to importers, and used it for personal expenditures. Another count details how Toyosi allegedly obtained N300 million under false pretences, which was used to acquire property in the Pinnock Beach Estate, Lagos.
Toyosi has pleaded “not guilty” to all charges. The prosecution has requested that he remain in EFCC custody while further investigations are conducted. Meanwhile, Toyosi’s defence counsel has requested bail and proposed that he be held in the Ikoyi Correctional Facility pending the bail hearing.
Justice Lawal has adjourned the case until August 21, 2024, for a hearing on the bail application and ordered Toyosi to remain in the Ikoyi Correctional Facility until then.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate