The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, says it has arraigned businessman Ashley Segun over an alleged investment fraud by false pretence.

In a statement on Thursday, the EFCC said Mr Segun was arraigned before Justice Ismail Ijelu of the Lagos State High Court, Ikeja Division, on a one-count charge of allegedly obtaining £122,000 through false pretence.

The charge alleged that the defendant induced Oluwafemi Fajana and Abiodun Adeogun to deliver money to him by falsely claiming it would be invested in a debenture fund of Oschards Limited and yield a 40 per cent annual return on investment.

The judge said the offence was contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Mr Segun 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 trial date and his remand at the Correctional Centre pending the determination of the case,” the statement said.

Mr Owede also sought time to respond to the defendant’s bail application, explaining that the EFCC detention facility was already full and had no available space while the defendant was remanded in a correctional centre, pending further proceedings.

The judge adjourned the case until November 18 for trial and hearing of the pending bail application.