The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ashley Segun Oshin, over an alleged £122,000 investment fraud involving two investors.

Oshin was arraigned on Thursday before Justice Ismail O. Ijelu of the Lagos State High Court sitting in Ikeja on a one-count charge of obtaining money by false pretence.

The EFCC alleged that between 2009 and 2010, Oshin induced Oluwafemi Fajana and Abiodun Adeogun to invest £122,000 in a debenture fund operated by Oschards Limited, promising them an annual return of 40 per cent.

The commission alleged that the representation was false and made with intent to defraud the investors.

The charge was brought under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Oshin pleaded not guilty when the charge was read to him.

Following his plea, prosecution counsel, M.S. Owede, asked the court to fix a date for trial and remand the defendant in a correctional facility pending the determination of the case.

Owede also sought time to respond to the defendant’s bail application, explaining that the EFCC detention facility had no available space.

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However, defence counsel, Samuel N. Umoren, told the court that he had filed a bail application dated November 10, 2026, and urged the judge to hear it.

Umoren also requested that his client be remanded in EFCC custody.

Justice Ijelu adjourned the case until November 18, 2026, for the hearing of the bail application and commencement of trial.

The judge ordered that Oshin be remanded in a correctional centre pending further proceedings.

LUKMAN ABDULMALIK
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