Nigeria, Nov. 13 -- The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Ashley Oshin, over allegations that he obtained £122,000 from two investors under the guise of investing the money in a fund.

Mr Oshin was arraigned on Thursday before the Lagos State High Court in Ikeja on one count of obtaining money by false pretence.

The EFCC alleged that he collected the money from Oluwafemi Fajana and Abiodun Adeogun between 2009 and 2010, promising to invest it in a debenture fund operated by Oschards Limited.

According to the charge, he promised the investors an annual return of 40 per cent, although he allegedly knew the representation was false.

The alleged offence contravenes Section 1(3) of the Advance...