Lagos Investment Scam: EFCC Arraigns Man for Alleged N600m, $50,000 Fraud

INVESTMENT FRAUD: Court Remands Ayodele Toyosi in Ikoyi Correctional Facility

Justice A.M. Lawal of the Lagos State High Court, Ikeja, has remanded Ayodele Toyosi, the CEO of Reaprite Global Limited and Agrorite Limited, in the Ikoyi Correctional facility pending the hearing of his bail application.

Toyosi is facing an 11-count charge of obtaining by false pretence and stealing to the tune of N600 million and $50,000, brought against him by the Economic and Financial Crimes Commission (EFCC).

The EFCC alleges that Toyosi defrauded several individuals by promising them an interest-yielding investment in agricultural export, but instead used their funds for personal gain.

The case has been adjourned until August 21, 2024, for the hearing of Toyosi’s bail application. If found guilty, Toyosi faces a lengthy prison sentence and restitution to the victims of his alleged fraud.

The EFCC’s prosecution of Toyosi is part of its efforts to combat investment fraud and protect Nigerians from falling victim to such scams.