EFCC arraigns businessman over alleged £122,000 investment fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ashley Oshin, over allegations that he obtained £122,000 from two investors under the guise of investing the money in a fund.

Mr Oshin was arraigned on Thursday before the Lagos State High Court in Ikeja on one count of obtaining money by false pretence.

The EFCC alleged that he collected the money from Oluwafemi Fajana and Abiodun Adeogun between 2009 and 2010, promising to invest it in a debenture fund operated by Oschards Limited.

According to the charge, he promised the investors an annual return of 40 per cent, although he allegedly knew the representation was false.

The alleged offence contravenes Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Mr Oshin pleaded not guilty when the charge was read to him before Justice Ismail Ijelu.

Prosecution lawyer, M.S. Owede, told the court that the charge was filed on 29 June and requested a date for trial.

He also asked the court to remand the defendant in a correctional centre, explaining that the EFCC detention facility was full and had no available space.

Mr Owede further sought time to respond to the bail application filed by the defence.

Defence lawyer, Samuel Umoren, said 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.

Mr Umoren also asked the court to remand his client in EFCC custody.

READALSO: EFCC appeals judgement lifting forfeiture order on $912,550 linked to ex-Warri refinery MD

Mr Ijelu adjourned the case until 18 November for trial and hearing of the bail application.

The judge ordered that Mr Oshin be remanded in a correctional centre pending further proceedings.

The alleged 40 per cent annual return is also relevant to warnings issued by the Securities and Exchange Commission (SEC) about investment schemes promising unusually high returns.

In a November 2023 advisory, the commission urged investors to be wary of schemes offering returns above 20 per cent annually and to verify whether investment operators are registered.

Under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, a person convicted of the offence faces between seven and 20 years’ imprisonment.