The Special Offences Court sitting in Ikeja, Lagos, on Wednesday, has issued an arrest warrant against a promoter of Reaprite Global Limited and Agrorite Limited, Ayodele Toyosi, for failing to appear in court for his ongoing N600 million and $50,000 investment fraud trial by the Economic and Financial Crimes Commission (EFCC).
Justice Olubunmi Abike-Fadipe issued the bench warrant according to a statement by the EFCC on Wednesday.
Toyosi, alongside his two companies, are said to be standing trial on an 11-count charge bordering on obtaining by false pretence and stealing to the tune of N600 million and $50,000.
EFCC Case
According to the Commission, the investigation revealed that the defendant allegedly defrauded a number of persons on the pretence that he had an interest-yielding investment in agricultural export.
One of the counts reads: “That you, Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime in June 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the aggregate sum of N200,000,000.00 (Two Hundred Million Naira only) belonging to one K. C. Akoson Investment Limited and Kenneth C. Maduakor by dishonestly representing to them that you will help them transfer the said money to their importers in China whereas you expended the money for your personal use and committed an offence contrary to Sections 278(1) (b) (f) of the Criminal Law of Lagos State 2011.”
Another count reads: “That you, Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime in June 2023 in Lagos, within the jurisdiction of this Honourable Court, by false pretence and with intent to defraud, obtained the aggregate sum of N300,000,000.00 (Three Hundred Million Naira only), belonging to one K. C. Akoson Investment Limited and Kenneth C. Maduakor by dishonestly representing to them that you will help them transfer the said money to their importers in China, whereas you used the money to purchase a property known as Plot 17 Pinnock Beach Estate, Anyiran Town, Eti Osa Local Government Area, Lagos and committed an offence 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 defendant had pleaded not guilty to the offence during their arraignment on August 19, 2024.
The court then adjourned for trial.
Legal Dispute
At the court sitting on Tuesday, May 20, 2025, the prosecution presented its first witness, James Emadoye, a chartered accountant and IT expert, who told the Court that he had found out that he and his family had been defrauded in the agribusiness investment scheme.
- Emadoye, led in evidence by the prosecution counsel, Deborah Ademu-Eteh, told the court that the defendant approached him and his wife with an offer to invest in agronomy.
“We committed a total of N40m and $50,000 across three investments. However, issues arose when we needed to pay the school fees of our daughter, who is studying abroad,” he said.
- Under cross-examination of the witness by the defence counsel, Olalekan Ojo, SAN, Emadoye confirmed he understood the nature and risks of investment and that the terms were clearly outlined in the certificates.
- The defence counsel, then, applied for an adjournment to enable him to conclude his cross-examination of the witness, and the Court consequently adjourned till Wednesday, May 21, 2025, for continuation of the trial.
What transpired in court
When the matter resumed on Wednesday, the case, according to the EFCC, was stalled due to the absence of the defendant and his lawyers on the grounds of a medical emergency.
- Justice Abike-Fadipe, consequently, “ordered the arrest of the defendant, and also ordered that he should show cause why his bail should not be revoked at the next adjourned date.”
- The judge also ordered EFCC to investigate the alleged medical report tendered in the absence of the defendant.
- The judge adjourned the case till July 8, 2025, for the continuation of the trial.
