COURT ORDERS ARREST OF TOYOSI AYODELE OVER N600M, $50,000 AGRIBUSINESS INVESTMENT FRAUD

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By Aishat Momoh. O.

An Ikeja Special Offences Court on Wednesday issued a bench warrant for the arrest of Toyosi Ayodele, the Chief Executive Officer of Reaprite Global Ltd and Agrorite Ltd, over an alleged N600 million and \$50,000 agribusiness investment fraud.

Justice Olubunmi Abike-Fadipe issued the warrant following Ayodele’s absence in court and discrepancies in a medical report presented by his legal team. Ayodele is standing trial alongside his companies on an 11-count charge of obtaining money under false pretences and stealing, filed by the Economic and Financial Crimes Commission (EFCC).

The court questioned the authenticity of the medical report purportedly from the University College Hospital (UCH), Ibadan. Justice Abike-Fadipe noted that the document lacked an official hospital stamp and contained spelling errors, including a misspelling of “Reddington Hospital,” where Ayodele was reportedly referred from.

“I have examined Exhibit A… it states the defendant was brought to the emergency unit with a history of extremely high blood pressure. However, it fails to specify which part of the body is affected, includes no diagnosis or treatment plan, and lacks UCH’s official endorsement,” the judge stated.

Describing the document as merely “a letter containing information” rather than a medical report, the judge directed the EFCC to verify its authenticity. In the meantime, a bench warrant was issued to compel Ayodele’s appearance in court.

Justice Abike-Fadipe also warned that the cost to be imposed on the defence counsel, Mr. Chukwuemeka Maduagwu, would be determined after the verification process and production of the defendant.

Earlier, EFCC counsel Mrs. Deborah Ademu-Etteh informed the court that the matter was scheduled for the continuation of trial and that the prosecution witness was present. Defence counsel Maduagwu, however, claimed Ayodele was hospitalized at UCH following a medical emergency after his last court appearance, and sought an adjournment.

The EFCC objected, accusing the defence of delaying tactics and pointing out the lack of verification on the medical document. Prosecuting counsel had also requested that a cost of N500,000 be imposed for the delay.

The prosecution’s first witness, chartered accountant and IT expert Mr. James Emadoye, had testified on May 20 that he and his wife invested N40 million and \$50,000 in Ayodele’s agribusiness scheme. He said their troubles began when he attempted to withdraw funds for their daughter’s overseas tuition, and the cheques issued by Ayodele bounced due to insufficient funds.

“All efforts to reach the defendant failed. My brother, who also invested in the scheme, and I subsequently petitioned the EFCC,” Emadoye said.

The court admitted as evidence the EFCC petition, bounced cheques, and investment certificates.

The matter has been adjourned to July 8 for further proceedings.