EFCC Drags Lagos Fintech CEO Ayodele Toyosi To Court Over Alleged ₦442m Fraud And Diversion Of Investors’ Funds

 

The Economic and Financial Crimes Commission (EFCC) has arraigned Ayodele Toyosi, the chief executive officer of Reaprite Global Limited and Agrorite Limited, before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos. The arraignment followed allegations of theft, obtaining money by false pretence, and issuing dishonoured cheques, amounting to more than ₦442 million belonging to investors and cooperative societies.

The Lagos Zonal Directorate 1 of the EFCC brought Toyosi and his two companies before the court on Tuesday, October 21, 2025, on two separate charge sheets. The first carries 17 counts, while the second holds 4 counts, all revolving around accusations of fraudulent diversion of investors’ funds. The anti-graft agency alleged that the offences took place between October 2022 and October 2023.

Court documents presented by the EFCC claim that Toyosi, acting through his companies, misappropriated investment funds entrusted to him by various individuals and organisations. Among the victims listed are Chizim Esther Asiagwu and Bristow Staff Cooperative Multi-Purpose Society Ltd, who reportedly lost millions of naira after investing through the fintech firms.

One of the counts in the 17-charge document alleges that Toyosi and his firms dishonestly stole and converted ₦212,000,000.00 and $5,000.00 belonging to Chizim Asiagwu and others. The EFCC argued that this act violates Section 280(1)(a) and (b) of the Criminal Law of Lagos State, 2015, and is punishable under Section 287 of the same law. Another of the charges accuses Toyosi of stealing ₦655 million from Bristow Staff Cooperative Multi-Purpose Society Ltd and Udekwe Stella Nnenn within the same period.

Prosecutors detailed how the fintech executive allegedly used his position as CEO to solicit funds from investors under the pretense of facilitating agricultural and savings investment schemes. The EFCC maintained that instead of deploying the funds for the stated purposes, the defendant and his companies diverted the money for personal and undisclosed uses.

Toyosi, dressed in a dark suit, stood beside his legal counsel, Oladapo Hamzat, as the charges were read. He pleaded not guilty to every count in both charge sheets. The courtroom remained tense as EFCC counsel, A.A. Usman, urged the court to set a trial date and remand the defendant in a correctional facility pending the conclusion of the case.

Defence counsel Hamzat, however, appealed to the court to permit his client to continue enjoying the bail already granted in another pending case before Justice Olubunmi Abike-Fadipe of the same court. He argued that Toyosi had faithfully complied with previous bail conditions and would not attempt to evade trial.

Justice Oshodi, after listening to both sides, ruled that Toyosi be granted bail in the sum of ₦200 million, with two sureties in like sum. The court directed that the sureties must own landed properties with registered titles in Lagos State, and these properties must be verified by the court’s registrar. Additionally, the court instructed the EFCC to inform the Nigerian Immigration Service within seven days that the defendant’s passport remains in the custody of the court.

The matter was adjourned to December 8 and 10, 2025, for the commencement of trial.

Speaking after the arraignment, EFCC spokesperson Dele Oyewale confirmed the development through an official statement released on Thursday. He emphasized that the commission remains committed to pursuing all financial crime cases involving public and private entities. Oyewale described the case as part of the EFCC’s ongoing effort to restore investor confidence in Nigeria’s emerging financial technology sector.

The EFCC’s move against Toyosi and his companies has attracted significant attention within Nigeria’s fintech and cooperative investment communities. Reaprite and Agrorite were once regarded as innovative platforms providing digital access to savings and agricultural investments, but the current legal troubles have raised questions about transparency and regulatory oversight in the sector.

Several affected investors have expressed frustration over delayed payments and unfulfilled investment returns since late 2023. Some reportedly lodged complaints with the EFCC and other regulatory bodies after multiple failed attempts to recover their funds. According to court filings, the EFCC’s investigation revealed patterns of fund transfers from investor accounts to personal and corporate accounts linked to the defendants, triggering suspicions of fraudulent diversion.

Legal analysts following the case said the charges highlight the growing scrutiny of fintech operators handling large volumes of customer funds without adequate financial governance. They noted that the EFCC’s intervention underscores the need for stronger compliance mechanisms within Nigeria’s digital finance landscape.

The case is expected to test the boundaries between financial innovation and legal accountability in a fast-evolving industry. If convicted, Toyosi could face significant prison time and the forfeiture of assets linked to the alleged crimes. Meanwhile, the EFCC has assured investors and cooperative societies that justice will be pursued to its full extent.

As the trial date approaches, stakeholders in the fintech sector are closely monitoring proceedings that could influence public trust and future regulatory reforms in Nigeria’s financial technology ecosystem.