The Economic and Financial Crimes Commission (EFCC) has arraigned businessman Ashley Segun Oshin before the Lagos State High Court in Ikeja over an alleged £122,000 investment fraud.
Oshin appeared before Justice Ismail Ijelu on Thursday, facing 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. He pleaded not guilty.
EFCC prosecutor M.S. Owede told the court that the prosecution was ready to proceed with the arraignment, subject to the court’s convenience. Owede said the charge was filed on June 29, 2026, and asked the court to take Oshin’s plea.
According to the EFCC, Oshin allegedly induced Miss Oluwafemi Fajana and Mr Abiodun Adeogun to invest £122,000 between 2009 and 2010 in a debenture fund operated by Oschards Limited. The commission alleged that he promised them an annual return of 40 per cent, despite knowing the representation was false.
After Oshin entered his plea, Owede asked the court to set a trial date and remand him in a correctional centre pending the determination of the case. The prosecutor also sought time to respond to the defence’s bail application, saying the EFCC detention facility had no space available.
Defence counsel Samuel Umoren told the court that he had filed a bail application dated November 10, 2026, and served it on the prosecution. He asked the court to hear the application and sought an early date for its determination. Umoren also requested that Oshin be remanded in EFCC custody.
Justice Ijelu ordered that Oshin be remanded in a correctional centre and adjourned the case until November 18, 2026, for trial and hearing of the bail application.
— Punchng report
