Court orders arrest of Agribusiness Promoter over alleged N600 million and $50,000 investment fraud trial 

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.

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.

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.

 “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.

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.