Justice Olubunmi Abike-Fadipe of the Lagos Special Offences Court sitting in Ikeja has issued a bench warrant against Mr. Ayodele Toyosi, a businessman standing trial in the alleged fraud case brought against him and his two companies: Reaprite Global Limited and Agrorite Limited by the Economic and Financial Crimes Commission, EFCC.
The defendants are standing trial over alleged fraud in the sum of over N600,000,000.
Justice Abike-Fadipe ordered that the defendant be produced before the court to state why the bail granted to him ought not be revoked.
At the scheduled date, the defendant failed to appear at the continuation of trial where a chartered accountant, Mr. James Emadoye, is still on oath to continue his testimony.
In a twist of event, Ayodele, through a defence counsel, B.C Maduagwu, informed the court through a letter, “We are constrain by the medical report which was issued by Reddington Hospital to the effect that the first defendant was reported ill with a medical history of extreme high blood pressure.
“Based on the medical report, the first defendant is not fit to stand trial.
However, the counsel who appeared for the commission, Deborah Ademu-Eteh responded, “Some few minutes ago, an application was filed by the defendant’ s Counsel, attaching a letter, dated and addressed: To whom it may concern.
“The letter, as it is, is not a medical report.”
She stated that the application is a fraud to delay the hearing of this case. It has been their antecedents.
The EFCC submitted that the court should verify the authenticity of the document.
According to her, “There was no referral letter from Reddington Hospital. She also requested for a cost of N500,000 against the defendant.
The Defence Counsel replied that they would be conceeding to N60,000.
In her ruling, Justice Fadipe stated, “The prosecution has plainly shown that it is interested in a speedy dispensation of this matter, having produced multiple witnesses on the three dates that had been listed for the trial of this matter.
“However, the issue of costs to be paid by counsel will be determined upon the verification of the letter and the production of the first defendant on the warrant issue.
Prior to the bench warrant, a chartered accountant, Mr. James Emadoye, on Tuesday told the court how the defendant allegedly defrauded him, his wife, in-law, and other investors using two companies: Reaprite Global Limited and Agrorite Limited.
Mr. Emadoye, the first prosecution witness, EFCC gave his testimony before the trial judge.
The witness, who also serves as the Chairman of the Lekki Estates Residents and Stakeholders’ Association, narrated his ordeal while being led in evidence by EFCC counsel, Deborah Ademu-Eteh.
According to him, “Sometime in 2023, I think about June or July, his company and several of his staff came to request for us to invest in his company, as he claimed he was into agricultural production, import and export, and that we could invest.
“My wife and I invested some money into Reaprite Global, which they proposed to us. I invested a sum of N20 million on the 10th of July. For my wife, I invested another N20 million on the 7th of July, 2023.
“On the 10th of July, 2023, I invested 50,000 US Dollars. They issued a trade certificate of investment in respect of that transaction.
“It’s 50,000 U.S. Dollars, which was given to them for 6 months — that is, a 180-day investment.
“It’s supposed to come with 2,500 dollars interest. So, what they are supposed to give me at the end of January 2024 is 52,500 U.S. dollars.”
The witness told the court that in November 2023, his daughter, who was undergoing a Master’s program in a U.S. university, needed to pay tuition of about $47,000.
“I had no choice but to write a letter requesting recognition of all my investments. That was when the trouble started. They could not pay.
“Eventually, they gave two cheques in the Naira equivalent. And because of my daughter, I began trying to raise funds quickly. The girl was in a three-year course and had spent two years already while I was waiting.
“I went to the bank on the cheque date. I couldn’t get anything. I wrote them again.
“The naira investment, they paid the interest upfront, the capital sum was supposed to be paid and promised another date in January — same result. By February, it became difficult to communicate with them. Some of the staff couldn’t give us any explanation.
“It became clear something was wrong. My brother-in-law, who spoke with my wife, revealed that he had also invested and the company was becoming evasive.
“I told him I would write a petition to the EFCC. He’s not based in Lagos, but he said, ‘James, please include me in that petition.’ I wrote and submitted it to the EFCC.
He told the court that the EFCC couldn’t find him. He added that his brother-in-law informed him that he was approaching Ayodele for additional investment of additional sum of N700,000, that they were discussing.
The witness told the court, “He was planning to come to Lagos to meet him. So, I informed EFCC, telling them this might be an opportunity to catch him.”
“The man came to Lagos and checked into the Intercontinental Hotel. There was an arrangement to meet. I discussed it with the EFCC, and we went to the hotel and arrested him. That was around February 2024.”
Prior to the commencement of trial, the defendants had already been arraigned on an 11-count charge bordering on obtaining money by false pretence, contrary to Section 1(1)(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
Count One of the charge reads:“Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime on 7th July, 2023, in Lagos, within the Ikeja Judicial Division, by false pretence and with intent to defraud, obtained the sum of N20,000,000.00 (Twenty Million Naira Only) belonging to James O. Emadoye on the false representation that the money was meant for an interest-yielding investment in agricultural export at the interest rate of 21% return on investment for a period of 6 months, whereas the money was expended for your personal use.”
Count Two reads: “Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime on 13th July, 2023, in Lagos, within the Ikeja Judicial Division, by false pretence and with intent to defraud, obtained the sum of $50,000.00 (Fifty Thousand United States Dollars Only) belonging to James O. Emadoye on the false representation that the money was meant for a savings plan investment at the interest rate of 10% return on investment per annum, whereas the money was expended for your personal use.”
The defendant counse who appeared at the commencement of trial, Olalekan Ojo, SAN, asked the EFCC witness’ claim of fraud by presenting the relationship as purely contractual and not criminal.
He queried,”Can you confirm to this Honourable Court that you know the meaning of the word ‘investment’?”
Emadoye replied modestly: “I don’t know sufficiently.
Pressed on the nature of the relationship with the defendant the witness admitted:“It is a contractual relationship.”
He emphasised that such contracts have terms and conditions, as stated on the front of the investment certificate, and that civil remedies exist for breaches.
“Where the second party can be found,” counsel argued, “the appropriate forum is a civil court.”
Emadoye responded: “Not when the second party has made himself unavailable and cannot be found.”
Ojo asked whether he pursued civil remedies, the counsel asked bluntly:“Did you file an action?” Emadoye admitted:“I did not file an action.
The defence counsel asked:“Can you confirm that it was your wife, Jessica Emadoye, who convinced you to go into this investment?
“Yes,” Emadoye affirmed.
He was further asked: “Did the first defendant, in person, ever ask you to invest?”
“Not in person,” the witness replied.
Jessica Emadoye’s Visit to Defendant’s Office
Defence counsel turned to an incident involving Mrs. Emadoye:
“Do you remember that your wife went to the office of the second defendant to recover the investment?”
“Yes,” Emadoye confirmed.
“Are you aware she refused to leave until cheques were issued?”
“I’m not aware.”
“An investment is a financial or cash investment.”
“That’s not correct,” Emadoye countered.
He did, however, agree:“Every investment is fraught with risk. The expected profit may or may not come.”
Defence introduced a disputed checque as Exhibit and asked Emadoye to identify it.
“It looks like a checque, but it’s difficult to say since it’s not the original,” said Emadoye.
Ojo further asked,“Can you confirm that the signature on exhibit P1D is that of the first defendant?”
“No,” Emadoye replied, stating he had never seen the defendant’s signature before.
Justice Abike-Fadipe adjourned till July 8, 2025 for further hearing.