EFCC Arraigns Reaprite and Agrorite CEO, Ayodele Toyosi, Over Alleged ₦442 Million Fraud in Lagos
By Joseph Iyaji | Akahi News

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, Ikeja, Lagos, over alleged theft and fraud amounting to ₦442,717,808.20.

Akahi News gathered that the Lagos Zonal Directorate 1 of the EFCC docked Toyosi alongside his companies on Tuesday, October 21, 2025, on two separate charges — one consisting of 17 counts and another with 4 counts. The charges border on stealing, obtaining money by false pretence, and issuance of dishonoured cheques.

According to the EFCC, between October 2022 and October 2023, Toyosi and his firms allegedly diverted funds belonging to investors and cooperative societies, including individuals such as Chizim Esther Asiagwu and corporate bodies like the Bristow Staff Cooperative Multi-Purpose Society Ltd.

The Alleged Fraudulent Transactions

One of the 17-count charges obtained by Akahi News reads:

“That you, Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime between October 2022 and October 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly stole and converted the aggregate sum of ₦212,000,000.00 and $5,000.00, property of Chizim Esther Asiagwu and others, thereby committing an offence of stealing contrary to Section 280(1)(a) and (b) of the Criminal Law of Lagos State, 2015, and punishable under Section 287 of the said Law.”

Another of the four-count charges alleges that Toyosi and his companies also stole and converted ₦655 million belonging to Bristow Staff Cooperative Multi-Purpose Society Ltd and Udekwe Stella Nnenn between 2022 and 2023.

Plea and Bail Conditions

When the charges were read, Toyosi and his companies pleaded not guilty to all counts. Following their pleas, EFCC counsel, A.A. Usman, requested a trial date and urged the court to remand the defendant in a correctional facility pending the commencement of trial.

However, defence counsel, Oladapo Hamzat, pleaded with the court to allow Toyosi to continue enjoying the bail previously granted to him in another criminal case before Justice Olubunmi Abike-Fadipe of the same court.

After considering the submissions, Justice Oshodi granted bail to Toyosi in both cases in the sum of ₦200 million, with two sureties in like sum. Akahi News learnt that the court also stipulated that the sureties must possess landed properties with registered titles in Lagos State, to be verified by the court’s registrar.

The EFCC was further directed to notify the Nigerian Immigration Service (NIS) within seven days that Toyosi’s international passport remains in the custody of the court pending trial.

EFCC Confirms Arraignment

In a statement released by Dele Oyewale, Head of Media and Publicity for the EFCC, the anti-graft agency confirmed the arraignment and emphasised that the Commission remains resolute in its mission to protect investors from fraudulent financial schemes.

Akahi News reports that both Reaprite Global Limited and Agrorite Limited had previously attracted scrutiny over investment-related complaints from members of the public who claimed their funds were not accessible after maturity.

The EFCC stated that it had received multiple petitions alleging that Toyosi’s companies operated under the guise of agricultural investment and savings platforms but later failed to honour payment obligations, resulting in substantial financial losses for clients.

Upcoming Court Dates and Implications

The case has been adjourned to December 8 and 10, 2025, for the commencement of trial. Legal observers who spoke to Akahi News said the high-profile prosecution reflects the EFCC’s renewed commitment to combating white-collar crime and safeguarding investor confidence in Nigeria’s financial ecosystem.

Analysts told Akahi News that the case also underscores the growing need for tighter regulation of fintech and agro-investment startups that solicit funds from the public under savings or cooperative schemes. Many such platforms, they noted, have exploited regulatory gaps to operate without adequate financial oversight.

Public Reaction

Following the EFCC’s announcement, social media users and investors have expressed mixed reactions. Some victims welcomed the arraignment as “justice in motion,” while others called for faster trial processes and asset recovery measures to refund affected investors.

Akahi News learnt that online communities associated with Reaprite and Agrorite have been flooded with fresh complaints from individuals who lost varying sums to the companies. Many are urging the EFCC to trace all diverted funds and ensure restitution.

As the trial approaches, Akahi News will continue to monitor proceedings closely, providing verified updates on the case’s progress and any developments regarding investor compensation or asset forfeiture.

Akahi News — http://www.akahinews.org