Ayodele Toyosi, a Lagos businessman is in fresh trouble as a Lagos special offences court has revoked the bail granted to him over N600 million fraud case.
Justice Olubunmi Abike-Fadipe issued the revocation order on Tuesday following Toyosi’s failure to honour court proceedings as scheduled.
According to the Economic and Financial Crimes Commission (EFCC), Toyosi is the promoter of Reaprite Global Limited—a digital savings platform—and Agrorite Limited, which is involved in agriculture-focused export operations.
The EFCC accused Toyosi of defrauding Nigerian investors through an agribusiness scheme involving N600 million and $50,000 in total.
In August 2024, Ayodele Toyosi and his companies were arraigned on 11-count charges bordering on obtaining money under false pretences and stealing.
One of the charges reads: “That you, Ayodele Toyosi, Reaprite Global Limited and Agrorite Limited, sometime in June 2023 in Lagos, within the jurisdiction of this Honourable Court, dishonestly converted to your own use the aggregate sum of N200,000,000.00 (Two Hundred Million Naira only) belonging to one K. C. Akoson Investment Limited and Kenneth C. Maduakor by dishonestly representing to them that you will help them transfer the said money to their importers in China whereas you expended the money for your personal use and committed an offence contrary to Sections 278(1)(b)(f) of the Criminal Law of Lagos State 2011.”
Toyosi pleaded not guilty to all the charges.
Following his arraignment, the court remanded him at the Ikoyi Correctional Centre and scheduled a bail hearing for August 21, 2024. He was later granted bail, and the case was adjourned to May 2025.
During the May 20, 2025 session, the EFCC presented a witness who testified that he and his family were victims of the fraudulent investment scheme.
The trial was adjourned to the following day, May 21, for cross-examination by the defence counsel, Olalekan Ojo.
However, on the adjourned date, neither Toyosi nor his lawyer appeared in court, citing a medical emergency.
As a result, Justice Abike-Fadipe issued a bench warrant for Toyosi’s arrest and ordered him to appear in court on July 8 to show cause why his bail should not be revoked.
Following his failure to provide a satisfactory explanation—and in light of the forged medical document submitted—the court revoked Toyosi’s bail.
