Businessman Arraigned in Lagos Over Alleged £122,000 Investment Fraud

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

Oshin was brought before the court on a single count of obtaining money by false pretence, contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The charge states: “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.”

He pleaded not guilty when the charge was read to him.

Prosecution counsel M.S. Owede informed the court that the charge was filed on 29 June 2026. He 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, noting that the EFCC detention facility was already full and had no available space.

Defence counsel Samuel N. Umoren told the court that he had filed a bail application dated 10 November 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 adjourned the case to 18 November 2026 for trial and hearing of the pending bail application. The defendant was remanded in a Correctional Centre pending further proceedings.

By John James