Emmanuel Ukudolo I Monday, August 19, 2024
IKEJA, Lagos, Nigeria – The Economic and Financial Crimes Commission, EFCC today arraigned two companies, Agrorite limited and Reaprite Global Limited as well as their owner, Mr. Ayodele Toyosi for alleged agro-investment fraud in excess of N680, 150,000.
Specifically, Toyosi and his companies were involved in fraud in the sum of N600, 150,000 and $50,000 about N80 million. Ayodele Toyosi and his companies were arraigned on 11 count charge before Justice A.M Lawal, sitting at the Lagos High Court in Ikeja for obtaining money by false pretences, stealing and retaining proceeds of a criminal conduct.
The EFCC alleged that defendant, Toyosi with intention to defraud, obtained the total sum of N600,150,000.00 and $50,000.00 from different people on a false representation that the money was meant for an interest yielding investment in an agricultural export at the interest rate of 21% return on investment for a period of six months, whereas the money was expended for his personal use, contrary to section 1(1)(a) and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The offence also contravenes Sections 278(1)(b)(f) of the Criminal Law of Lagos State 2011.
Speaking after the arraignment, counsel to EFCC, Mr G.C Akaogu, told the court that the defendant had sometime in July 13, 2023 obtained $50,000.00 by false pretence belonging to James O. Emadoye.
Akaogu alleged that the defendant also obtained the various amount in Naira from different people total N600,150,000.00. The defendant pleaded not guilty to all the 11 count charge. EFCC prosecutor thereafter, urged the court to remand the defendant, pending commencement of trial.
But counsel to the defendant, , Mr Olalekan Ojo (SAN), informed the court that he had filed and served the prosecutor the bail application. The prosecutor said he needed time to to file his response.
Justice Lawal subsequently adjourned the case to August 21,2024 for argument on ball application and ordered that the defendant to be remanded at Ikoyi Correctional Facility.
