Alleged £122,000 Fraud: EFCC Takes Lagos Businessman to Court

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has brought a businessman, Ashley Segun Oshin, before the Lagos State High Court in Ikeja over an alleged £122,000 investment scam.

Oshin appeared before Justice Ismail O. Ijelu, where he was charged with obtaining money by false pretence under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The EFCC alleged that between 2009 and 2010, Oshin induced two individuals, Miss Oluwafemi Fajana and Mr Abiodun Adeogun, to part with £122,000 after representing that the funds would be invested in a debenture fund of Oschards Limited.

The Commission further alleged that the businessman promised the investors a 40 per cent annual return, despite allegedly knowing that the representation was false.
The defendant pleaded not guilty to the charge.
During proceedings, EFCC counsel, M.S. Owede, requested an adjournment for trial and asked the court to remand Oshin in a Correctional Centre pending the conclusion of the case.

He also informed the court that the EFCC detention facility had no available space, while seeking time to respond to the defendant’s bail application.
However, defence counsel, Samuel N. Umoren, told the court that he had filed a bail application on November 10, 2026, and that the prosecution had been served. He urged the court to hear the application and requested an early date.

Umoren further asked that the defendant be kept in EFCC custody pending the determination of the matter.
Ruling on the proceedings, Justice Ijelu adjourned the case until November 18, 2026, for trial and hearing of the bail application.
The court ordered that Oshin be remanded in a Correctional Centre pending the next hearing.