For allegedly being involved in illegal banking operations, two businessmen, Adewale Daniel Jayeoba, and Emmanuel Jayeoba were on Monday arraigned before Justice Nicholas Oweibo of a Federal High Court sitting in Ikoyi, Lagos State, Nigeria.
The duo were arraigned alongside their company, Wales Kingdom Capital Limited by the Economic and Financial Crimes Commission, EFCC, for carrying out banking business without an appropriate licence.
Arraigning the defendants on two counts bordering on illegal banking business through its counsel, Chineye Okezie, the anti-graft agency informed Justice Oweibo that the defendants committed the offence within Lagos in October 2019.
But the defendants pleaded not guilty to the charge.
Justice Oweibo adjourned the case until August 10, 2022, and remanded the defendants in EFCC’s custody pending the hearing of the bail application.
The judge had adjourned after counsel to the defendants, Olaniyi George, informed the court that he has filed a motion for bail which was served on the prosecution early hour on Monday.
However, Okezie insisted that the prosecution has the intention of opposing the said bail application through a counter affidavit.
The charge against the defendants read: “That you, Wales Kingdom Capital Limited, sometimes between October 2019 to December 2020 in Lagos within the jurisdiction of this Honourable Court did carry on banking business without a valid licence 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 sometimes 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 a valid licence 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.
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