EFCC Arraigns Businessman Over Alleged £122,000 Investment Fraud

​The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has arraigned a businessman, Ashley Segun Oshin, before Justice Ismail O. Ijelu of the Lagos State High Court in Ikeja over an alleged £122,000 investment fraud.

​Oshin was brought before the court on a one-count charge bordering on obtaining money by false pretence. According to the prosecution, the offense runs contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

​Court documents indicate that between 2009 and 2010, the defendant allegedly induced two investors—Miss Oluwafemi Fajana and Mr. Abiodun Adeogun—to part with an aggregate sum of £122,000 (One Hundred and Twenty-Two Thousand British Pounds Sterling). Oshin reportedly convinced them to invest the funds in a debenture fund operated by Oschards Limited, falsely promising a lucrative 40 per cent annual return on investment.

​Plea and Legal Arguments

​Upon the reading of the charge, the defendant pleaded not guilty.

​Following the plea, the prosecution counsel, M.S. Owede, informed the court that the formal charge was filed on June 29, 2026. Owede requested an official trial date and an order to remand the defendant in a correctional facility. He further explained that the EFCC detention facility was currently operating at full capacity, leaving no available space to house the defendant.

ADVERTISEMENT

​Conversely, the defence counsel, Samuel N. Umoren, notified the court that a formal bail application dated November 10, 2026, had already been filed and served on the prosecution. Urging the court to prioritize the hearing of the application, Umoren requested that Oshin be remanded in EFCC custody instead.

​Next Steps

​Justice Ismail O. Ijelu adjourned the matter to November 18, 2026, for the commencement of trial and the hearing of the pending bail application. The court ordered that the defendant be remanded in a correctional facility pending further legal proceedings.