The Economic and Financial Crimes Commission (EFCC) has indicted Ayodele Toyosi and his companies, Reprite Global Limited and Agroright Limited before Judge RA Oshodi of the Special Criminal Court in Ikeja, Lagos, over alleged theft and fraud totaling ₦442,717,808.20.
Toyosi, who is the Chief Executive Officer of both companies, was on Tuesday, October 21, 2025, arraigned by the Lagos Zonal Directorate 1 of the EFCC on separate charges, 17-count and 4-count, of theft, obtaining by false pretenses, and issuing dishonored cheques.
According to the EFCC, between October 2022 and October 2023, Toyosi and his companies allegedly diverted funds from investors and cooperatives, including individuals such as Chizim Esther Asiagu and organizations such as Bristow Staff Cooperative Multi-Purpose Society Limited.
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One of the 17-count charges reads: “You, Ayodele Toyosi, Reprite Global Limited and Agroright Limited, between October 2022 and October 2023 in Lagos, within the jurisdiction of this Honorable Court, dishonestly stole the aggregate sum of ₦212,000,000.00 and $5,000.00, the property of Chizim Esther Asiagu and others And converted.” thereby committing the offense of theft 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 charges alleges that Toyosi and his companies stole and converted ₦655 million belonging to Bristow Staff Cooperative Multi-Purpose Society Limited and Udekwe Stella Nen between 2022 and 2023.
The defendants pleaded not guilty to all charges.
Following his arguments, EFCC counsel AA Usman asked the court for a trial date and requested that Toyosi be remanded to a correctional facility pending trial.
However, defense lawyer Oladapo Hamzat prayed the court to allow Toyosi to continue enjoying the bail granted in a separate case before Justice Olubunmi Abike-Fadipe of the same court.
In his judgment, Oshodi granted Toyosi bail in the sum of ₦200 million in both cases with two sureties of like amount.
The court stipulated that sureties must have registered ownership of landed property in Lagos State, which must be verified by the registrar of the court.
The EFCC was also ordered to inform the Nigerian Immigration Service (NIS) within seven days that Toyosi's passport was in the custody of the court.
The case was adjourned to December 8 and 10, 2025, for the trial to begin.
EFCC Head of Media and Publicity, Dele Oyewale, confirmed the allegation in a statement issued on Thursday.
