Edwin Sabe
The Economic and Financial Crimes Commission (EFCC) has arraigned a Lagos businessman, Ashley Segun Oshin, over an alleged £122,000 investment fraud involving two individuals, Miss Oluwafemi Fajana and Mr. Abiodun Adeogun.
Oshin was brought before Justice Ismail O. Ijelu of the Lagos State High Court sitting in Ikeja by the EFCC Lagos Zonal Directorate 1 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 induced Fajana and Adeogun, between 2009 and 2010, to part with the sum of £122,000 (One Hundred and Twenty-Two Thousand British Pounds Sterling) under the pretext that the money would be invested in a debenture fund of Oschards Limited, yielding a 40 per cent annual return on investment.
The charge further alleged that Oshin knew the representation to be false.
The defendant pleaded not guilty when the charge was read to him.
Following the plea, prosecution counsel, M.S. Owede, told the court that the charge was filed on June 29, 2026, and requested a trial date, alongside 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, stating that the EFCC detention facility was full and had no available space.
In 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 date for its consideration. He also asked that the defendant be remanded in EFCC custody.
Justice Ijelu adjourned the matter 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.
