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 N600,000,000 ( Six Hundred Million Naira) and $50,000( Fifty Thousand United States of America Dollars).

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.”

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.

The post Alleged Investment Fraud: Court Issues Bench Warrant Against Agribusiness Promoter in Lagos appeared first on Business Today NG.

The convicts: Soji Jubril Oke, 71; Wasiu Akinade, 55; Emmanuel Arinze Chukwu, 67; and Kelvin Christopher Smith, 44, a Jamaican, were charged with six counts in charge number: FHC/L/607C/2022 in October and December 2022, while the trial of the fifth suspect, Oguntolure Sunday arraigned along with them is still ongoing in court.

The charges border on conspiracy to form and operate a drug trafficking organization (DTO); management and financing of a DTO; importation and possession of 2,139.55 kilograms of cocaine, among others.

After over two years of diligent prosecution, the trial judge handed the Jamaican, Kelvin Christopher Smith four years imprisonment with hard labour; Emmanuel Arinze Chukwu got a total of 16 years; Soji Jubril Oke got five years with hard labour and Wasiu Akinade three years with hard labour.

The trial judge however gave the convicts varying options of fine with the exception of one of them who will serve his full jail term without an option of fine.

They were also to forfeit a grey colour Toyota Tacoma SUV marked AAA-734HT registered in the name of Emmanuel Chukwu; $50,000:00 USD (Fifty Thousand US Dollars) belonging to Chukwu; N55,099,509.50 (Fifty-Five Million, Ninety-Nine Thousand, Five Hundred and Nine Naira, Fifty Kobo only) also belonging to Chukwu; the sum of N9,003,168.06 (Nine Million Three Thousand, One Hundred and Sixty Eight Naira Six Kobo only) belonging to Wasiu Akinade and N3,052,295.20 (Three Million, Fifty Two Thousand, Two Hundred and Ninety Five Naira Twenty Kobo only), also belonging to Akinade.

The Agency also in another suit marked FHC/L/MISC/672/2024 and filed before Justice Bogoro on 9th December 2024 after an initial interim forfeiture order, secured the final forfeiture of two houses linked to members of the drug cartel.

According to the trial court: “That an Order of final forfeiture and confiscation is granted in favour of the Federal
Government of Nigeria, Landed Property/House Number 6 Olokunola Street, Sholebo Estate, Ikorodu Lagos, Lagos State, as contained in Exhibit NDLEA 2A, 2B, and 2C attached to this application used for the storage and concealment of 2,139.55kg (More Than Two Tons) Cocaine, an illicit substance similar to Heroin and LSD.

“That an Order of final forfeiture and confiscation is granted in favour of the Federal Government of Nigeria, Landed Property/House Number J9, Road 3, Close 1,.Victoria Garden City (VGC) Estate, Lagos, Lagos State, as contained in Exhibit NDLEA 3 attached to this application reasonably believed to be bought with proceeds derived
from trafficking in illicit drug substances (proceeds of crime) as in relief 1 of this Motion.

“That an Order is granted directing the sale or disposal by any other means provided by law of the forfeited House/Landed Property by the Applicant and the payment of the proceeds
therefrom to the Federal Government of Nigeria.”

The post Four Drug Kingpins Forfeit VGC Houses, N67m, $50,000 .  appeared first on Business Today NG.