The Economic and Financial Crimes Commission, Lagos Zonal Directorate 1, has arraigned businessman Ashley Segun Oshin before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja over an alleged £122,000 investment fraud.
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Oshin was arraigned on a one-count charge bordering on obtaining money by false pretence, contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
According to a statement by the Commission’s spokesperson, Dele Oyewale, the charge alleged that Oshin, between 2009 and 2010, induced Miss Oluwafemi Fajana and Mr. Abiodun Adeogun to part with an aggregate sum of £122,000 by representing that the money would be invested in a debenture fund of Oschards Limited with a 40 per cent annual return.
The charge reads:
“That you, Ashley Segun Oshin, between 2009 and 2010, with intent to defraud, induced Miss Oluwafemi Fajana and Mr. Abiodun Adeogun to deliver to you the aggregate sum of £122,000 (One Hundred and Twenty-Two Thousand British Pounds Sterling) by falsely representing to them that the said sum would be invested in a debenture fund of Oschards Limited and would yield a 40 per cent annual return on investment, which representation you knew to be false.”
Oshin pleaded not guilty when the charge was read to him.
Following his plea, prosecution counsel, M.S. Owede, informed the court that the charge was filed on June 29, 2026, and requested a date for trial.
Owede also asked the court to remand the defendant in a correctional centre pending the determination of the case.
The prosecution counsel further sought time to respond to the defendant’s bail application, explaining that the EFCC detention facility was already full and had no available space.
Defence counsel, Samuel N. Umoren, however, informed the court that he had filed a bail application dated November 10, 2026, which had already been served on the prosecution.
He urged the court to hear the bail application and sought an early date for its consideration.
Umoren also requested that the defendant be remanded in EFCC custody.
Justice Ijelu subsequently adjourned the case to November 18, 2026, for trial and hearing of the pending bail application.
The defendant was remanded pending further proceedings.
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