By Jeffrey Agbo
The Economic and Financial Crimes Commission (EFCC) has arraigned Emmanuel Jayeoba and his son, Ademola Jayeoba at the Federal High Court in Lagos on a two-count charge bordering on illegal banking activities.
The defendants were arraigned on Monday before Justice Nicholas Oweibo.
One of the count reads, “that you, Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos within the jurisdiction of this Honourable Court did carry on banking business without a valid license and thereby committed an offence contrary to Section 2/2) of the Banks and Other Financial Institutions Act, Cap B3, Vol.2, Laws of the Federation of Nigeria, 2004”.
The second count reads, “that you, Adewale Daniel Jayeoba, Emmanuel Jayeoba And Wales Kingdom Capital Limited whilst being Directors of Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos within the jurisdiction of this Honourable Court knowingly consented to the carrying on of banking business without a valid license by the Company and thereby committed an offence contrary to section 2/2) and 49(1) of the Banks and Other Financial Institutions Act, Cap B3, Vol.2, Laws of the Federation of Nigeria, 2004”.
Jayeoba and his son pleaded not guilty to the offence.
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In view of their pleas, the prosecution counsel, Chinenye Okezie asked the court for a trial date and their remand in a correctional facility.
However, counsel to the defendants, Olaniyi George informed the court of a bail application and prayed that his clients be remanded in the custody of the EFCC pending the hearing of the application.
Justice Oweibo ordered that the defendants be remanded in EFCC custody.
He also adjourned the case to Wednesday for hearing of the bail application.
