EFCC: Ashley Oshin Arraigned for £122,000 Investment Fraud

• Businessman Ashley Segun Oshin has been arraigned by the EFCC on a one-count charge of investment fraud.
• Oshin is accused of obtaining £122,000 from two individuals between 2009 and 2010 by falsely promising a 40% annual return on a debenture fund.
• The charge falls under Section 1(3) of Nigeria's Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
• Oshin pleaded not guilty before Justice Ismail Ijelu at the Lagos State High Court, Ikeja.
• The case has been adjourned to November 18, 2026, for trial and a hearing on his bail application, with Oshin remanded in a correctional centre.

The arraignment of Ashley Segun Oshin on an investment fraud charge, involving an alleged £122,000 investment scam, serves as a significant reminder of the persistent threat posed by fraudulent investment schemes.

Nigerian authorities have initiated legal proceedings against businessman Ashley Segun Oshin, who stands accused of orchestrating an investment fraud totaling £122,000. The Economic and Financial Crimes Commission (EFCC) brought the charges before the Lagos State High Court in Ikeja, where Justice Ismail Ijelu is presiding over the case. This development underscores the EFCC's continued efforts to combat financial malfeasance within the country.

The core of the accusation centers on allegations that Oshin, operating through Oschards Limited, induced two individuals, Miss Oluwafemi Fajana and Mr Abiodun Adeogun, to invest the substantial sum between 2009 and 2010. The prosecution contends that Oshin falsely promised an annual return of 40 per cent on their investment in a debenture fund, a representation the commission asserts he knew to be untrue at the time. This alleged scheme forms the basis of the single-count charge against him.

The charge against Ashley Segun Oshin is specifically for obtaining money by false pretence, a violation explicitly outlined in Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. This legislation is a cornerstone of Nigeria's legal framework designed to prosecute individuals involved in various forms of financial deception, including elaborate investment scams. The EFCC's invocation of this Act highlights the serious nature of the alleged offense and the potential penalties it carries.

The Advance Fee Fraud Act 2006 Nigeria targets schemes where individuals are persuaded to part with money based on fraudulent representations, such as the promise of unrealistic returns on investment. In this particular instance, the alleged misrepresentation of a 40 per cent annual return on a debenture fund is central to the prosecution's case, aiming to demonstrate that Oshin knowingly made a false promise to secure the funds from the investors.

During the arraignment on Thursday, the EFCC's prosecution counsel, M.S. Owede, informed Justice Ismail Ijelu that the charge against Oshin had been formally filed on June 29, 2026. Owede confirmed the prosecution's readiness to proceed with the case and requested that the defendant enter his plea. When the charge was read aloud, Ashley Segun Oshin entered a plea of not guilty.

Following Oshin's plea, the prosecution sought a trial date and requested that the defendant be remanded in a correctional facility pending the resolution of the case. Owede also indicated a need for time to respond to the defense's bail application, noting that the EFCC's detention facilities were at capacity. In response, defense counsel Samuel Umoren informed the court that a bail application, dated November 10, 2026, had already been filed and served on the prosecution. Umoren urged the court to hear the application promptly and requested that his client be held in EFCC custody. However, Justice Ijelu ordered that Oshin be remanded in a correctional centre. The case has been adjourned until November 18, 2026, when both the trial and the hearing of the pending bail application are scheduled to take place.

The arraignment of Ashley Segun Oshin on an investment fraud charge, involving an alleged £122,000 investment scam, serves as a significant reminder of the persistent threat posed by fraudulent investment schemes. This case, presided over by Justice Ismail Ijelu, underscores the EFCC's unwavering commitment to protecting citizens from financial exploitation and holding perpetrators accountable under the Advance Fee Fraud Act, 2006. The Ashley Segun Oshin fraud charge highlights the vigilance required by both regulatory bodies and the public in discerning legitimate investment opportunities from deceptive ones.

The ongoing legal action against Oshin reinforces the message that individuals who engage in obtaining money by false pretence, particularly through promises of unrealistic returns, will face robust prosecution. The outcome of this Lagos State High Court Ikeja fraud case will be closely watched as it could further shape the legal landscape concerning investment fraud in Nigeria, emphasizing the importance of due diligence for investors and stringent oversight by financial regulators.

This case highlights the EFCC's ongoing enforcement against investment fraud under the Advance Fee Fraud Act, 2006. Lawyers should advise clients on the strictures of this Act, particularly regarding representations made for investment schemes, to mitigate exposure to charges of obtaining money by false pretence. Compliance officers should review investment product disclosures for clarity and accuracy to prevent similar allegations.

Source: Original reporting via PUNCH