Crime

EFCC Arraigns Lagos Fintech CEO and Two Firms Over Alleged ₦442 Million Fraud

Published by admin on October 24th, 2025.

EFCC Arraigns Lagos Fintech CEO and Two Firms Over Alleged ₦442 Million Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Ayodele Toyosi, Chief Executive Officer of Reaprite Global Limited and Agrorite Limited, before Justice R.A. Oshodi of the Special Offences Court in Ikeja, Lagos, over alleged theft and fraud amounting to ₦442,717,808.20.

Toyosi and his two companies were brought before the court by the Lagos Zonal Command 1 of the EFCC on Tuesday, October 21, 2025, on two separate charge sheets containing 17 counts and 4 counts, respectively. The charges border on stealing, obtaining money under false pretence, and issuance of dishonoured cheques.

According to the anti-graft agency, between October 2022 and October 2023, Toyosi and the firms allegedly diverted investors’ funds belonging to both individuals and cooperatives, including Chizim Esther Asiagwu and the Bristow Staff Cooperative Multi-Purpose Society Limited.

One of the charges reads:

> “That you, Ayodele Toyosi, Reaprite Global Limited, and Agrorite Limited, sometime between October 2022 and October 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly stole and converted the aggregate sum of ₦212,000,000.00 and $5,000.00 belonging to Chizim Esther Asiagwu and others, thereby committing an offence contrary to Section 280(1)(a) and (b) and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”

Another count accuses the defendants of stealing and converting ₦655 million belonging to Bristow Staff Cooperative Multi-Purpose Society Ltd and Udekwe Stella Nnenn, during the same period.

Toyosi and his companies pleaded not guilty to all charges.

EFCC counsel A.A. Usman requested a trial date and asked the court to remand the defendant in a correctional facility pending the start of proceedings. However, defence counsel Oladapo Hamzat appealed to the court to maintain the bail earlier granted to Toyosi in a related case before Justice Olubunmi Abike-Fadipe of the same court.

In his ruling, Justice Oshodi granted bail to the defendant in both cases in the sum of ₦200 million, with two sureties in like sum. The sureties must own landed properties with verified title documents within Lagos State, as confirmed by the court’s registrar.

The court further directed the EFCC to inform the Nigerian Immigration Service (NIS) within seven days that Toyosi’s international passport remains in the custody of the court.

The case was adjourned to December 8 and 10, 2025, for the commencement of trial.

The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed the arraignment in a statement released on Thursday.