EFCC arraigns businessman over alleged £122,000 investment fraud

From Okwe Obi, Abuja

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has arraigned a businessman, Ashley Segun Oshin, before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja, over an alleged One Hundred and Twenty-Two Thousand British Pounds Sterling (£122,000) investment fraud.

Oshin was arraigned on a one-count charge bordering on 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 Commission’s Spokesperson, Dele Oyewale, in a statement yesterday, 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 (One Hundred and Twenty-Two Thousand British Pounds Sterling) 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.”

However, Oshin pleaded not guilty to the charge when it was read to him.

Following his plea, prosecution counsel, M.S. Owede, informed the court that the charge was filed on June 29, 2026. He subsequently requested a trial date and an order remanding the defendant in a correctional centre pending the determination of the case.

Owede also 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, informed the court that he had filed a bail application dated November 10, 2026, which had been served on the prosecution. He urged the court to hear the application and sought an early date for its hearing. He also requested that the defendant be remanded in EFCC custody.

Justice Ijelu subsequently adjourned the case to November 18, 2026, for trial and hearing of the pending bail application.

The defendant was remanded pending further proceedings.