₦airaland Forum

EFCC arraigns Lagos fintech CEO, firms over alleged ₦442m theft


The Economic and Financial Crimes Commission (EFCC) has arraigned one Ayodele Toyosi, alongside his companies, Reaprite Global Limited and Agrorite Limited before R.A. Oshodi, Justice of the Special Offences Court sitting in Ikeja, Lagos, over alleged theft and fraud totalling ₦442,717,808.20.

Toyosi, who is the chief executive officer of the two firms, was docked by the Lagos Zonal Directorate 1 of the EFCC on Tuesday, October 21, 2025, on separate charges, a 17-count and a 4-count charge, bordering on stealing, obtaining by false pretence, and issuance of dishonoured cheques.

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

One of the 17-count charges 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 stole and converted ₦655 million belonging to Bristow Staff Cooperative Multi-Purpose Society Ltd and Udekwe Stella Nnenn between 2022 and 2023.

The defendants pleaded not guilty to all the charges.

Following their pleas, EFCC counsel A.A. Usman asked the court for a trial date and requested that Toyosi be remanded in a correctional facility pending trial.

However, defence counsel Oladapo Hamzat prayed the court to allow Toyosi to continue enjoying the bail granted to him in a separate case before Justice Olubunmi Abike-Fadipe of the same court.

In his ruling, Oshodi granted bail to Toyosi in both cases in the sum of ₦200 million, with two sureties in like sum.

The court stipulated that the sureties must own landed properties with registered titles in Lagos State, to be verified by the court’s registrar.

The EFCC was also mandated to notify the Nigerian Immigration Service (NIS) within seven days that Toyosi’s passport is in the court’s custody.

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

Dele Oyewale, Head of Media and Publicity for the EFCC, confirmed the arraignment in a statement issued on Thursday.

https://businessday.ng/news/article/efcc-arraigns-lagos-fintech-ceo-firms-over-alleged-%E2%82%A6442m-theft/

Allegedly alleged.
What more can I say?
👩🏽‍🦯👩🏽‍🦯👩🏽‍🦯👩🏽‍🦯👩🏽‍🦯

I talk am say all these Fintech companies na scammers .
E no dey hard court grant this kind people bail. ‘Steal honorably and awesomely.........’ A good lesson I learnt from Nigerian government.

Fintech bro whey be fraudster

Update Don plenty for town... See leaders of 2mrw... Haaaa

This one na yahoo guy to the core

Reap'rite? Una no see the name? Reap

na this guy chop people money using "invest in poultry farming" format

He has use their money to by Benz..

dfrost:
Reap'rite? Una no see the name? Reap

Why wouldn't he reap people off their monies with this type of package?

this less than a million dollars anymore less these days means nothing to me

going back on github

GO AND SETTLE THEM WITH THEIR OWN SHEAR AND BAILL YOURSELF LIKE 10 MILLION AND GO FREE, NO CASE TO ANSWER, THIEF NO THE ARREST THIEF, ONLY TO COLLECT EYE SEE AND EAR HEAR, CASE CLOSE,

dfrost:
Reap'rite? Una no see the name? Reap

I read that as rip is right!

If he steal money, make he go jail plus his assets must be confiscated to pay the robee

GO AND SETTLE THEM WITH THEIR OWN SHEAR AND BAILL YOURSELF LIKE 10 MILLION AND GO FREE, NO CASE TO ANSWER, THIEF NO THE ARREST THIEF, ONLY TO COLLECT EYE SEE AND EAR HEAR, CASE CLOSE,
CONGRATULATIONS FOR BUYING BENZ

dix one used greed take destroy d company

When will yahaya bello be arraigned?

Why does the alleged fraudster look like Seyi Tinubu?

adamkkk:
dix one used greed take destroy d company

There's no company.
Agrorite (founded 2019) and reaprite (founded 2020) were established solely to perpetrate the fraud.
It was a premeditated fraud.

Ah, at least they've remembered their work.

They should do more sha. The osusu they're guzzling shouldn't go to waste.

Lukuluku69:
I read that as rip is right!

If he still money, make he go jail plus his assets must be confiscated to pay the robee

Exactly how i read it 🤣. Wordplay in action.

Fin thief’s is the name , hmmm

Morbeta11:
https://businessday.ng/news/article/efcc-arraigns-lagos-fintech-ceo-firms-over-alleged-%E2%82%A6442m-theft/

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At least one will be announced soon and is going to be bloody, we have to be careful of inexperience Guy calling themselves financial experts!!!

We should avoid all these APP based businesses, developing an APP takes less than 30 minutes these days, so it is easy avenue for Fraudsters to play with.

Fin tech bro caught red handed

Nigeria is a sprawling crime scene, Smart asses have figured out another platform for defrauding millions and cashing out on them, Fintechs are renowned worldwide for thier safe and healthy returns on investments, when they are launched smart investors buys into them during initial IPOs and wait untill their share values rises and they cash out but when it comes to Nigeria with our unscrupulous ways and thinking we mess up such beautiful investments outlets

Maybe my understanding of the word Fintech is warped. Is this not some kind of agro-finance arrangment gone bad? I thought I will see something fraud with apps like Pigivest, FairMoney, Kuda, Carbon and others. There is nothig like that in this story. Abi I no shine my eyes well ni?

All the small boys and girls trying hard to become Otedola and Elumelu overnight

Never seen any of this Agro investment schemes that work ...OP please fix your title ,this is not a fintech company before you cause panic

Satazaa:
Nigeria is a sprawling crime scene, Smart asses have figured out another platform for defrauding millions and cashing out on them, Fintechs are renowned worldwide for thier safe and healthy returns on investments, when they are launched smart investors buys into them during initial IPOs and wait untill their share values rises and they cash out but when it comes to Nigeria with our unscrupulous ways and thinking we mess up such beautiful investments outlets

The government rewards criminality. Hence, Nigerian are very dishonest

He deserves the same room with the former CBN governor Emefiele

Morbeta11:
https://businessday.ng/news/article/efcc-arraigns-lagos-fintech-ceo-firms-over-alleged-%E2%82%A6442m-theft/

Lekwa ego!!

People get money for this country o!!