EFCC arraigns businessman over alleged £122,000 investment fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ashley Segun Oshin, before the Lagos State High Court sitting in Ikeja over an alleged £122,000 investment fraud.

Oshin was arraigned before Justice Ismail Ijelu on a one-count charge of obtaining money by false pretence, an offence contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

According to the EFCC, the defendant allegedly induced Miss Oluwafemi Fajana and Mr Abiodun Adeogun to part with £122,000 between 2009 and 2010 under the pretext of investing the money in a debenture fund of Oschards Limited.

The prosecution alleged that Oshin represented to the complainants that the investment would yield a 40 per cent annual return, a claim he allegedly knew to be false.

The charge reads: “That you, Ashley Segun Oshin, between 2009 and 2010, with intent to defraud, induced Miss Oluwafemi Fajana and Mr Abiodun Adeogun to deliver to you the aggregate sum of £122,000 by falsely representing to them that the said sum would be invested in a debenture fund of Oschards Limited and would yield a 40 per cent annual return on investment, which representation you knew to be false.”

Oshin pleaded not guilty when the charge was read to him.

Following his plea, prosecution counsel, M.S. Owede, informed the court that the charge was filed on June 29, 2026.

He subsequently requested a trial date and an order remanding the defendant in a correctional centre pending the determination of the case.

Owede also sought time to respond to the defendant’s bail application, explaining that the EFCC detention facility was full and had no available space.

However, defence counsel, Samuel N. Umoren, told the court that he had filed a bail application dated November 10, 2026, which had been served on the prosecution.

He urged the court to hear the application and requested an early date for its determination. He also asked that his client be remanded in EFCC custody.

Justice Ijelu subsequently adjourned the case to November 18, 2026, for trial and hearing of the pending bail application.

The defendant was remanded in a correctional centre pending further proceedings.