EFCC Arraigns Businessman Over Alleged £122,000 Investment Fraud
EFCC Arraigns Businessman Over Alleged £122,000 Investment Fraud
The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ashley Segun Oshin, before the Lagos State High Court in Ikeja over an alleged investment fraud involving £122,000 belonging to two investors.
Oshin was brought before Justice Ismail Ijelu on a one-count charge of obtaining money by false pretence, contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
According to the EFCC, the defendant allegedly induced two individuals, Oluwafemi Fajana and Abiodun Adeogun, to part with a combined sum of £122,000 between 2009 and 2010.
The commission alleged that Oshin persuaded the investors to release the money under the promise that it would be invested in a debenture fund operated by Oschards Limited.
He allegedly assured them that the investment would generate an annual return of 40 per cent, a representation the EFCC claimed he knew to be false.
When the charge was read to him in court, Oshin pleaded not guilty.
Court orders remand as bail application awaits hearing
Following the defendant’s plea, EFCC prosecution counsel, M.S. Owede, requested a trial date and an order remanding him in a correctional facility pending the determination of the case.
The prosecutor also asked the court for time to respond to the defendant’s bail application, explaining that the commission’s detention facility was already full and had no available space.
However, defence counsel, Samuel N. Umoren, informed the court that a bail application dated November 10, 2026, had already been filed and served on the prosecution.
He urged the court to consider the application and requested an early date for its hearing. He also asked that his client be remanded in EFCC custody.
After listening to both parties, Justice Ijelu ordered that Oshin be remanded in a correctional centre pending further proceedings.
The judge subsequently adjourned the matter until November 18, 2026, for the hearing of the bail application and continuation of the case.
The arraignment marks the beginning of the court proceedings, with the defendant yet to face trial over the allegations.
