Justice A.M. Lawal of the Lagos High Court in Ikeja has remanded a middle-aged businessman, Ayodele Toyosi, at the Ikoyi Correctional Facility for an alleged N600 million and $50,000 investment scam.

Toyosi was arraigned alongside his two companies, Reaprite Global Limited and Agrorite Limited, by the Lagos State command of the Economic and Financial Crimes Commission (EFCC) on an 11-count charge of obtaining money by false pretences, stealing and retaining proceeds of criminal conduct.

The anti-graft commission alleged that the defendant, Toyosi, obtained about N600 million and $50,000 from different people on a false representation that the money was meant for an interest-yielding investment in an agricultural export at an interest rate of 21 per cent return on investment for six months. The money, however, was expended for his personal use.

His offences were contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, while stealing is contrary to Sections 278(1)(b)(f) of the Criminal Law of Lagos State 2011.

EFCC counsel, Mr G.C. Akaogu, told the court that the defendant obtained $50,000 belonging to James O. Emadoye by false pretence on July 13, 2023.

Akaogu alleged that the defendant also obtained various amounts in naira from different people, totalling about N600 million.

The defendant pleaded not guilty to all the counts. Akaogu urged the court to remand the defendant pending the commencement of trial.

Responding, the defendant’s counsel, Mr Olalekan Ojo (SAN), informed the court that he had filed and served the bail application to the prosecutor, but the prosecutor said he needed to file his response. Consequently, Justice Lawal adjourned till August 21 for an argument on bail application.