Alleged N600m, $50,000.00 Investment Fraud: Court Issues Bench Warrant against Agribusiness Promoter in Lagos

Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Wednesday, May 21, 2025, issued a warrant for the arrest  of one Ayodele Toyosi, promoter of Reaprite Global Limited and Agrorite Limited, for failing to appear in court for his trial.
Toyosi, alongside his two companies, is standing trial on an 11-count charge bordering on obtaining by false pretence and stealing to the tune of N600 million and $50,000.
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 million 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 million 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.”
He pleaded not guilty to the offence.
The judge had, during the arraignment of the defendants on August 19, 2024, adjourned till 20, 21 and 22, 2025 for continuation of trial, due to the absence of the defence counsel.
At the resumed sitting on Tuesday, May 20, 2025 , the prosecution presented its first witness, PW1, James Emadoye, a chartered accountant and IT expert, who narrated to the court how he found out 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. 
He said: “ 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.
In his further evidence, the PW1 said the defendant allegedly issued only two cheques when he contacted  him to liquidate part of the investment.  He, however, said that the cheques were dishonoured due to insufficient funds when he presented them at the bank.
He also said that all efforts to reach the defendants were unsuccessful, a development that prompted him to write a letter of complaint to the EFCC.   The prosecution counsel, thereafter, sought to tender the bounced cheques, and certificates of investment, which were all admitted in evidence by the court.
Under cross-examination 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.  Though Emadoye acknowledged that such disputes “are generally handled in civil courts, he said he considered it as “criminal” owing to “Toyosi’s evasiveness and the dishonoured cheques.”
 According to him, the defendant, in spite of the efforts  made to resolve the matter out of court, failed to honour the agreed terms. 
The defence counsel, thereafter, applied for an adjournment to enable him conclude his cross-examination of the witness. 
Consequently, the case was adjourned till Wednesday, May 21, 2025 for continuation of trial.
The case, however, was stalled again  on Wednesday due to the absence of the defendant and his lawyers on the grounds of 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 EFCC was also ordered to investigate the alleged medical report tendered  in  the absence of the defendant.
The case was adjourned till July 8, 2025 for the continuation of trial.