Tue. Aug 9th, 2022

EFCC Arraigns 2 Brothers For Operating Illegal Banking

EFCC Arraigns 2 Brothers For Operating Illegal Banking

Two brothers, Adewale Daniel Jayeoba, Emmanuel Jayeoba, were on Monday, brought before a Lagos Federal High Court, by the Economic and Financial Crimes Commission (EFCC) for allegedly carrying out banking business without appropriate licence.  operation.

Both Adewale and Jayeoba were arraigned before the court presided over by Justice Nicholas Oweibo alongside their firm, Wales Kingdom Capital Limited, on a two count-charge of the offence.

The prosecutor, Chineye Okezie, while arraigning the defendants on Monday, said they committed the offence within Lagos in October 2019 and December 2020.
 The prosecutor told the court that the offences committed by the defendant, contravened Sections 2(2) and 49(1) of the Banks and Other Financial Institutions Act, Cap B3, Vol.2, Laws of the Federation of Nigeria, 2004. 
 The defendants however denied the allegations and pleaded not guilty to the charge. 

Following their claim of innocence, their counsel, Olaniyi George, informed the court that he has filed a motion for bail which was served on the prosecution.

Responding, the prosecutor, told the court she was just being served with the application, and asked for an adjournment to file a counter affidavit to the defendants’ bail application. 

Subsequently, Justice Oweibo adjourned the case to August 10, while ordered that the two defendants be remanded in EFCC’s custody pending the hearing of the bail application. 

The charge reads: “That you, Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos within the jurisdiction of this Honorable 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. 

“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 Honorable Court knowingly consented to the carrying on of banking business without valid license by the Company and thereby committed 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.”