EFCC Arraigns Lagos Businessman Over Alleged £122,000 Investment Fraud

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

Oshin was arraigned before Justice Ismail O. Ijelu on a one-count charge of 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 charge, the defendant allegedly defrauded Miss Oluwafemi Fajana and Mr Abiodun Adeogun of £122,000 between 2009 and 2010 by falsely promising to invest the money in a debenture fund operated by Oschards Limited, with an alleged 40 per cent annual return on investment.

The defendant, however, pleaded not guilty when the charge was read to him.

Following his plea, EFCC prosecution counsel, M.S. Owede, told the court that the charge was filed on June 29, 2026, and requested a trial date as well as 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 Commission’s detention facility was already full.
In his response, 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 requested an early hearing date.

The defence counsel also asked that his client be remanded in EFCC custody.

After listening to both parties, Justice Ijelu adjourned the case to November 18, 2026, for trial and hearing of the pending bail application.
The defendant was subsequently remanded in a Correctional Centre pending further proceedings.