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.
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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.
