An Ikeja Special Offences Court has issued a bench warrant for the arrest of Ayodele Toyosi, founder of Reaprite Global Limited and Agrorite Limited, after he and his legal team failed to appear for his N600 million and $50,000 fraud trial, citing a medical emergency

[dropcap]T[/dropcap]he Economic and Financial Crimes Commission (EFCC) has secured a bench warrant for the arrest of Ayodele Toyosi, the founder of investment platforms Reaprite Global Limited and Agrorite Limited, after he and his defence counsel were absent from court proceedings on Wednesday, May 21, 2025.

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Justice Olubunmi Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, issued the warrant following the non-appearance of Toyosi and his legal team, who cited a medical emergency.

The EFCC has been directed to investigate the authenticity of the medical report tendered in court.

Toyosi, along with his companies, has been on trial since August 19, 2024, facing an 11-count charge that includes obtaining by false pretence and stealing, amounting to N600,000,000 and $50,000.

Investigations by the EFCC revealed that the defendant allegedly defrauded numerous individuals by promising high returns on investments in agricultural export.

One of the charges details that in June 2023, Toyosi, Reaprite Global Limited, and Agrorite Limited dishonestly converted N200,000,000 belonging to K. C. Akoson Investment Limited and Kenneth C. Maduakor.

The funds were purportedly for transfer to importers in China but were allegedly used for personal expenses. Another count accuses them of fraudulently obtaining N300,000,000 from the same complainants under similar pretences, using the money to purchase a property in Pinnock Beach Estate, Eti Osa Local Government Area, Lagos.

Toyosi, alongside his two companies, is standing trial on an 11-count charge bordering on obtaining by false pretence and stealing to the tune of N600,000,000 (Six Hundred Million Naira) and $50,000 (Fifty Thousand United States of America Dollars).

These alleged offences contravene Sections 278(1)(b)(f) of the Criminal Law of Lagos State 2011 and Section 1(1)(a) punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. Toyosi had pleaded not guilty to the charges.

During Tuesday’s resumed sitting, May 20, 2025, the prosecution’s first witness, James Emadoye, a chartered accountant and IT expert, testified about how he and his family were allegedly defrauded.

Emadoye stated that he invested N40 million and $50,000 across three investments in agronomy.

He recounted that issues arose when he needed to pay his daughter’s school fees abroad, and cheques issued by the defendant for partial liquidation of the investment were dishonoured due to insufficient funds.

Emadoye’s efforts to contact the defendants proved futile, leading him to file a complaint with the EFCC. The dishonoured cheques and investment certificates were admitted as evidence.

Under cross-examination, Emadoye acknowledged understanding the risks of investment but deemed Toyosi’s actions “criminal” due to his evasiveness and the bounced cheques. He confirmed that efforts to resolve the matter out of court were unsuccessful.

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The case was adjourned to July 8, 2025, for the continuation of the trial. Justice Abike-Fadipe also ordered Toyosi to show cause at the next adjourned date why his bail should not be revoked.