LAGOS, Nigeria — Ayodele Toyosi, the Chief Executive Officer of Agrorite Limited and Reaprite Global Limited, appeared before an Ikeja High Court on Monday, August 19, 2024, facing serious allegations of financial fraud.
The Economic and Financial Crimes Commission, EFCC, has charged Mr Toyosi with an 11-count indictment involving the alleged misappropriation of N600,150,000 and $50,000 USD.
The charges stem from accusations that Toyosi and his companies deceived investors by claiming to offer high-yield agricultural export investments.
According to the EFCC, the alleged scam targeted multiple victims, promising lucrative returns that never materialized.
During the court session, Toyosi, alongside his companies, pleaded not guilty to all charges. The EFCC’s prosecution counsel, G.C. Akaogu, requested that Toyosi be remanded in EFCC custody pending further investigation into additional complaints lodged against him.
However, Toyosi’s defence counsel, Olalekan Ojo, argued that his client should be remanded in the Ikoyi Correctional facility while the court considered the bail application.
“We seek a date for the hearing of the bail application,” Ojo stated, emphasising the need for fair treatment of the defendant.
After hearing from both sides, Justice M.A. Lawal scheduled the bail hearing for August 21, 2024.
The court ordered Toyosi’s remand at the Ikoyi Correctional facility.
One of the charges highlighted by the prosecution involved a case where Toyosi allegedly converted N200,000,000 belonging to K.C. Akoson Investment Limited and Kenneth C. Maduakor for personal use.
The funds, intended for transfer to importers in China, were allegedly diverted by Toyosi, violating Section 278(1)(b)(f) of the Criminal Law of Lagos State 2011.
The case has drawn significant public interest, particularly given the substantial sums involved and the growing scrutiny of investment practices in Nigeria.
As the court proceedings continue, the outcome will likely have broader implications for trust in the nation’s investment and agricultural export sectors.
The hearing on Toyosi’s bail application is set to resume on August 21, 2024, where the court will decide whether the Agrorite CEO will remain in custody or be granted bail while awaiting trial.
