Court has issued arrest warrant for Reaprite and Agrorite Promoter, Ayodele Toyosi over alleged N600m and $50,000 investment fraud.
NaijaOnPoint Nigeria reports that the Special Offences Court in Ikeja, Lagos, on Wednesday issued a bench warrant for the arrest of Ayodele Toyosi, promoter of Reaprite Global Limited and Agrorite Limited, for failing to appear at his ongoing trial involving an alleged N600 million and $50,000 investment fraud.
According to a statement by the Economic and Financial Crimes Commission (EFCC), Justice Olubunmi Abike-Fadipe issued the arrest order following Toyosi’s absence in court.
Toyosi and his companies are facing an 11-count charge bordering on obtaining money by false pretence and stealing, relating to a fraudulent agricultural export investment scheme.
Details of the Charges
The EFCC alleged that Toyosi deceived several individuals by falsely claiming to operate an interest-yielding agricultural export investment.
One of the charges 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 sum of N200,000,000 belonging to K. C. Akoson Investment Limited and Kenneth C. Maduakor, under the pretence of helping them transfer the money to importers in China. You instead used the funds for personal purposes—an offence contrary to Sections 278(1)(b)(f) of the Criminal Law of Lagos State, 2011.”
Another count alleges that the defendant used N300 million from the same investors to purchase a property in Pinnock Beach Estate, Eti Osa LGA, Lagos—an offence under the Advance Fee Fraud and Other Related Offences Act, 2006.
Toyosi pleaded not guilty during his arraignment on August 19, 2024, and the matter was adjourned for trial.
Prosecution Opens Case
At the court’s sitting on Tuesday, May 20, 2025, the prosecution presented its first witness, James Emadoye, a chartered accountant and IT professional. Emadoye testified that he and his family were victims of the alleged fraud.
Led in evidence by EFCC counsel Deborah Ademu-Eteh, Emadoye told the court that Toyosi persuaded him and his wife to invest in an agribusiness scheme.
“We invested a total of N40 million and $50,000 across three different schemes. Trouble began when we needed to pay our daughter’s school fees abroad, and we couldn’t access our funds,” he said.
During cross-examination, defence counsel Olalekan Ojo, SAN, questioned Emadoye about his understanding of the investment risks. Emadoye admitted he understood the terms, which were documented in the investment certificates.
The defence requested an adjournment to complete the cross-examination. The case was then adjourned to Wednesday, May 21, 2025.
Defendant’s Absence Stalls Proceedings
However, on the adjourned date, the trial could not proceed as neither Toyosi nor his legal team were present in court. His absence was reportedly due to a medical emergency.
Justice Abike-Fadipe expressed dissatisfaction with the development and issued a bench warrant for Toyosi’s arrest. The judge further ordered that he must show cause why his bail should not be revoked.
Additionally, the EFCC was directed to verify the authenticity of the medical report submitted in Toyosi’s absence.
The case has been adjourned to July 8, 2025, for the continuation of the trial.