EFCC Arraigns popular Lagos Businessman Over Alleged £122,000 Investment Fraud, Seeks Remand In Correctional Centre
EFCC Arraigns popular Lagos Businessman Over Alleged £122,000 Investment Fraud, Seeks Remand In Correctional Centre
Oshin was arraigned on a one-count charge bordering on obtaining money by false pretence before Justice Ismail O. Ijelu of the Lagos State High Court, sitting in Ikeja.
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 £122,000 investment fraud involving two individuals.
Oshin was arraigned on a one-count charge bordering on obtaining money by false pretence before Justice Ismail O. Ijelu of the Lagos State High Court, sitting in Ikeja.
The charge was brought by the EFCC’s Lagos Zonal Directorate 1 under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
According to the charge, Oshin allegedly defrauded Miss Oluwafemi Fajana and Mr Abiodun Adeogun of £122,000 between 2009 and 2010 by falsely claiming that the money would be invested in a debenture fund operated by Oschards Limited.
The EFCC alleged that Oshin promised the investors an annual return of 40 per cent on their investment, despite allegedly knowing that the representation was false.
The charge reads, “That you, Ashley Segun Oshin, between 2009 and 2010, with intent to defraud, induced Miss Oluwafemi Fajana and Mr. Abiodun Adeogun to deliver to you the aggregate sum of £122,000 by falsely representing to them that the said sum would be invested in a debenture fund of Oschards Limited and would yield a 40 per cent annual return on investment, which representation you knew to be false.”
Oshin pleaded not guilty to the charge when it was read to him in court, hence, prosecution counsel, M.S. Owede, informed the court that the charge was filed on June 29, 2026, and requested a date for trial.
Owede also urged the court to remand the defendant in a Correctional Centre pending the determination of the case.
The prosecution counsel further sought time to respond to the defendant’s bail application, explaining that the EFCC detention facility was already full and had no available space.
However, defence counsel, Samuel N. Umoren, told the court that he had filed a bail application dated November 10, 2026, which had already been served on the prosecution.
Umoren urged the court to hear the application and requested an early date for its consideration.
He also asked that his client be remanded in EFCC custody pending the hearing of the bail application.
Justice Ijelu subsequently adjourned the case until November 18, 2026, for trial and hearing of the pending bail application, and ordered the defendant to be remanded in a Correctional Centre pending further proceedings.
