Court orders arrest of bizman, Ayodele Toyosi over ‘N600m, $50,000 fraud’

The Special Offences Court in Ikeja, Lagos, has issued a bench warrant for the arrest of Ayodele Toyosi, the promoter of Reaprite Global Limited and Agrorite Limited.

Justice Olubunmi Abike-Fadipe issued the warrant following the businessman’s failure to appear in court for trial on Wednesday.

Toyosi and his companies are facing an 11-count charge involving allegations of obtaining money under false pretences and theft, amounting to ₦600 million and $50,000.

According to a statement released by Dele Oyewale, Head of Media and Publicity at the Economic and Financial Crimes Commission, EFCC, investigations revealed that Toyosi allegedly defrauded multiple individuals by falsely claiming to operate an interest-generating 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 the sum of ₦200,000,000.00 (Two Hundred Million Naira), property of K.C. Akoson Investment Limited and Kenneth C. Maduakor, under the false representation that you would assist in transferring the funds to their importers in China, whereas the funds were used for your personal benefit—an offence contrary to Sections 278(1)(b)(f) of the Criminal Law of Lagos State, 2011.”

Toyosi pleaded not guilty to the charges.

During the arraignment on August 19, 2024, the trial was adjourned to May 20, 21, and 22, 2025, due to the absence of the defence counsel.