A Lagos-based businessman, Ashley Segun Oshin, has pleaded not guilty to an alleged £122,000 investment fraud charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Oshin was arraigned before Justice Ismail Ijelu of the Lagos State High Court sitting in Ikeja on 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.
According to the EFCC, the defendant allegedly induced two investors, Oluwafemi Fajana and Abiodun Adeogun, to part with £122,000 between 2009 and 2010 under the pretext of investing the money in a debenture fund operated by Oschards Limited.
The commission alleged that Oshin promised the investors an annual return of 40 per cent, despite allegedly knowing that the representation was false.
He pleaded not guilty when the charge was read to him.
Following the plea, prosecution counsel, M.S. Owede, told 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 further sought time to respond to the defendant’s bail application, explaining that the EFCC detention facility was full and had no available space.
However, defence counsel, Samuel N. Umoren, informed the court that he had filed a bail application dated November 10, 2026, which had been served on the prosecution.
He urged the court to consider the application and requested an early date for its hearing. He also asked that his client be remanded in EFCC custody.
Justice Ijelu subsequently adjourned the case until November 18, 2026, for trial and hearing of the pending bail application.
The defendant was ordered to be remanded in a correctional centre pending further proceedings.
The charge against Oshin remains an allegation, and he is presumed innocent until proven guilty by a court of law.
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