EFCC arraigns bizman for allegedly defrauding investors of £122,000

Lagos State High Court sitting in Ikeja

The Economic and Financial Crimes Commission 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 on Thursday before Justice Ismail 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.

 When the case was called, the EFCC prosecution counsel, M.S. Owede, told the court that the matter was scheduled for arraignment and that the prosecution was ready to proceed, subject to the court’s convenience.

 Owede informed the court that the charge was filed on June 29, 2026, and urged the judge to allow the defendant to take his plea.

 The EFCC alleged that Oshin induced two individuals, Miss Oluwafemi Fajana and Mr Abiodun Adeogun, to part with £122,000 between 2009 and 2010 under the pretext of investing the money in a debenture fund operated by Oschards Limited.

 According to the charge, the defendant allegedly promised the investors an annual return of 40 per cent, a representation the commission said he knew to be false.

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

 Following his plea, Owede requested a trial date and an order remanding the defendant in a correctional centre pending the determination of the case.

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 The prosecutor 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 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 determination.

 He also requested that his client be remanded in EFCC custody.

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

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