Justice Olubunmi Abike-Fadipe of the Special Offences Court, Ikeja, has issued a bench warrant for the arrest of agribusiness entrepreneur Toyosi Ayodele after he failed to appear in court regarding allegations of a N600 million and $50,000 investment fraud.
Ayodele, alongside his companies Reaprite Global Limited and Agrorite Limited, faces an 11-count charge filed by the Economic and Financial Crimes Commission (EFCC) related to obtaining money under false pretenses and theft.
During Wednesday’s proceedings, Ayodele’s lawyer, Mr. Chukwuemeka Maduagwu, presented a medical report claiming his client was hospitalized due to a medical emergency at University College Hospital (UCH), Ibadan. However, Justice Abike-Fadipe raised concerns over the report’s authenticity, highlighting missing official stamps, lack of specifics on the illness, misspelled hospital names, and absence of a clear diagnosis or treatment plan.
Describing the document as unverified, the judge ordered the EFCC to verify its authenticity and, in the meantime, issued a bench warrant for Ayodele’s arrest. She also warned that his bail might be revoked and suggested possible sanctions against the defense counsel depending on the outcome.
Earlier, EFCC’s counsel, Mrs. Deborah Ademu-Etteh, told the court the trial was set to continue with the prosecution’s witness already present. Defense counsel requested an adjournment due to Ayodele’s alleged hospitalization, but the prosecution opposed this, accusing the defense of delaying tactics and asking the court to impose a ₦500,000 cost on the defense.
The court adjourned the case to July 8, 2025.
In a prior hearing on May 20, Mr. James Emadoye, a chartered accountant and IT expert, testified that Ayodele approached him and his wife with an agribusiness investment proposal. They invested ₦40 million and $50,000 in three payments. Problems arose when Emadoye tried to withdraw funds for his daughter’s tuition abroad, only to receive dishonored cheques due to insufficient funds.
Following unsuccessful attempts to contact Ayodele, Emadoye and other investors filed a petition with the EFCC. The court admitted the petition, bounced cheques, and investment certificates as evidence.
