EFCC Arrests Ayodele Toyosi and Companies for Alleged ₦442m Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate 1 arraigned Ayodele Toyosi and his companies, Reaprite Global Limited and Agrorite Limited, before Justice R.A. Oshodi of the Special Offences Court in Ikeja on Tuesday, October 21, 2025. The charges include a 17-count charge against Toyosi and a 4-count charge against the two companies, relating to allegations of stealing, obtaining by false pretence, and issuing dishonoured cheques amounting to ₦442,717,808.20.

This case is a continuation of earlier charges against Toyosi linked to an alleged massive fraud involving investments in agricultural export schemes. Previous investigations by EFCC revealed that Toyosi and his firms defrauded investors by promising lucrative investment returns but allegedly diverted funds for personal use and acquisition of properties. The court proceedings highlight allegations that funds belonging to investors including K.C. Akoson Investment Limited and Kenneth C. Maduakor were dishonestly converted and misused.

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Toyosi and his companies have pleaded not guilty to the charges, and the case is ongoing with prosecution presenting its witnesses. The EFCC has emphasized that the trial follows detailed investigations and multiple petitions concerning the suspects’ activities in Lagos.