Businessman Remanded in Lagos Prison After Pleading Not Guilty to £122,000 Fraud Charge

The Lagos State High Court in Ikeja has remanded businessman Ashley Segun Oshin in a correctional centre after he pleaded not guilty to an alleged £122,000 investment fraud.

Justice Ismail Ijelu fixed 18 November 2026 for trial and to hear Oshin’s bail application, News About Nigeria reports.

The Economic and Financial Crimes Commission (EFCC) alleges that Oshin persuaded two investors to hand over a combined £122,000 between 2009 and 2010 by telling them their money would go into an Oschards Limited debenture fund and earn a 40 per cent annual return.

Prosecutors allege that Oshin knew the representation was false.

Oshin faces one count of obtaining money by false pretence. EFCC counsel M.S. Owede told the court that the commission filed the charge on 29 June 2026.

He asked for time to respond to the bail application and requested that Oshin be held in a correctional centre, saying the commission’s detention facility was full.

Defence counsel Samuel Umoren said the bail application, dated 10 November, had already been served on the prosecution.

He asked the court to hear it promptly and to keep Oshin in EFCC custody in the meantime.

Ijelu ordered that Oshin be held in a correctional centre pending further proceedings.