Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, has issued a bench warrant for the arrest of Ayodele Toyosi, promoter of Reaprite Global Limited and Agrorite Limited, over his failure to appear in court for his ongoing fraud trial.
Toyosi is facing an 11-count charge alongside his two companies, bordering on obtaining by false pretence and stealing to the tune of N600 million and $50,000. The charges were brought against him by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the defendant allegedly defrauded multiple individuals by claiming to operate an interest-yielding investment in agricultural exports.
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 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 alleges that Toyosi used part of the funds to purchase a luxury property: “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.”
Toyosi pleaded not guilty when first arraigned in August 2024. The case had been scheduled for continuation on May 20–22, 2025.
During the resumed hearing on Tuesday, May 20, the prosecution called its first witness, James Emadoye, a chartered accountant and IT expert. Emadoye detailed how he and his family lost millions to the alleged 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 told the court.
Emadoye explained that Toyosi issued only two cheques when asked to liquidate part of the investment. “The cheques were dishonoured due to insufficient funds,” he said.
Following unsuccessful efforts to reach Toyosi, Emadoye lodged a complaint with the EFCC. The court admitted the bounced cheques and investment certificates into evidence.
Under cross-examination, defence counsel Olalekan Ojo, SAN, asked Emadoye whether he understood the risks associated with the investment and acknowledged that the terms were stated in the certificates. Emadoye agreed but insisted: “Toyosi’s evasiveness and the dishonoured cheques” made the matter criminal, not civil.
He added that efforts to settle the issue out of court had failed due to the defendant’s non-compliance with agreed terms.
The court adjourned the matter for continuation of cross-examination, but the hearing scheduled for Wednesday, May 21, was stalled again as the defendant and his counsel failed to appear, citing a medical emergency.
Justice Abike-Fadipe issued a bench warrant for Toyosi’s arrest and directed that he show cause why his bail should not be revoked. The EFCC was also ordered to investigate the authenticity of the medical report submitted on Toyosi’s behalf.
