Categories: News

EFCC arraigns father and son over illegal banking activities in Lagos

The Economic and Financial Crimes Commission, EFCC has arraigned one Emmanuel Jayeoba and his son,  Ademola Jayeoba Wales before the Federal High Court in Ikoyi, Lagos on a two-count charge bordering on illegal banking activities.

They were arraigned on Monday before Justice I. Nicholas Oweibo but they pleaded not guilty to the charges proffered against them by the EFCC.

Advertisement

The two count charges against them reads;

The two charges against the defendants reads thus:

  • 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”.
  • “ 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”

What happened in court

After they both had taken their plea, the prosecution counsel, Chinenye Okezie prayed the court that they be remanded at the correctional facility and for a trial date.

Counsel to the defendants, Olaniyi George told the court that an application for bail for the defendants is before the court.

Advertisement

He prayed the court to allow his clients to be remanded in EFCC’s custody pending the hearing of the bail application.

The presiding judge , Justice Oweibo adjourned the matter to Wednesday for a hearing of the bail application and ordered the remand of the defendants in the EFCC custody.

Advertisement
Ayoola Olaitan

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

6 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

9 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

10 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

12 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

13 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

13 hours ago