EFCC Re-Arraigns Father, Son, Over Alleged N5.6bn Money Laundering

As a result of their alleged involvement in money laundering to the tune of N5.6billion, the Economic and Financial Crimes Commission (EFCC), on Wednesday re-arraigned a man and his son before Justice Chukwujekwu Aneke of a Federal High Court sitting in Ikoyi, Lagos State, Nigeria, 

Adewale Daniel Jayeoba, his dad, Emmanuel Jayeoba and their firm Wales Kingdom Capital Limited, were first arraigned by the EFCC on August 2, 2022, before Justice Nicholas Oweibo on a two-count charge of carrying out banking business without the appropriate licence. They had pleaded not guilty and were accordingly granted bail. 

The duo were however re-arraigned before Justice Aneke on a 14-count amended charge bordering on alleged money laundering to the tune of N5,697,029,685billion.

One of the counts read: “That you, Adewale Daniel Jayeoba and Emmanuel Adewunmi Jayeoba, between 2019 and 2020, in Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to use the aggregate sum of N5.697,029,685 which sum you reasonably ought to have known forms part of your unlawful activity to wit: carrying on banking business without a valid licence, and you thereby committed an offence contrary to Section 18 (a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) of the same Act.”

Again, they pleaded not guilty, making the anti-graft agency’s lawyer, Chinenye Okezie, to ask the court for a trial date with a further request that the defendants be remanded in correctional service custody.

However, the defence’s counsel, I. A Raji, notified Justice Aneke that the defendants were granted bail by Justice Oweibo but were unable to perfect the bail terms.

Raji then urged the trial judge to give a short date for the hearing of a bail variation application.

Justice Aneke fixed October 17, 2022, and December 6, 2022, for hearing the bail application and trial respectively.

The judge also ordered the remand of the defendants in correctional service custody.

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