The trial of a Lagos-based businessman, Adewale Daniel Jayeoba and his father, Adewumi Emmanuel Jayeoba has been adjourned till 28th June 2023, by a Federal High Court, sitting in Lagos, for commencement.
The duo are facing trial for allegedly defrauding non-suspecting members of the public to the tune of N5,697,029,685 through illegal banking operations.
Also being tried along with the two defendants is thier company, Wales Kingdom Capital Limited, which was allegedly used to carryout the illegal banking business.
The defendants are currently on bail.
In a 14-count charge filed before the Court by the Economic and Financial Crime Commission, EFCC’s prosecuting Counsel, Barr. Rotimi Oyedepo IseOluwa, SAN, the father and son were said to have between 2019 and 2020, within the jurisdiction of the Court, in Lagos, conspired to use the aggregate sum of N5,697,029,685 (Five Billion, Six Hundred and Ninety Seven Million, Twenty Nine Thousand, Six Hundred and Eighty Five Naira), which sum they reasonably ought to have known forms part of thier unlawful activity to wit: carrying on banking business without valid license.
By this act, the defendants 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.
Summary of the amended charges brought against the defendants are as follow:
– That you, Adewale Daniel Jayeoba, Adewunmi Emmanuel Jayeoba and Wales Kingdom Capital Limited between March 2019 to March 2020 in Lagos within the jurisdiction of this Honorable Court without valid license did carry on banking business to wit: receiving from the public into your current account deposit of the total sum of N20,500,000 (Twenty Million, Five hundred Thousand Naira)
– That you, Adewale Daniel Jayeoba, Adewunmi Emmanuel Jayeoba and Wales Kingdom Capital Limited sometime in 2020 in Lagos within the jurisdiction of the Court without valid licence did carry on banking business to wit: receiving from the public a deposit of the total sum of N7,888,735,324.(Seven Billion, Eight Hundred and Eighty Eight Million, Seven Hundred and Twenty One Naira) into your savings account.
– That you, Adewale Daniel Jayeoba between 2019 to 2020 in Lagos without valid licence did cary on banking business to with: receiving from the public a deposit of the total sum of N232,800,633.70 into your savings account by using the name and particulars of your father Adewunmi Emmanuel Jayeoba and you 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, Adewunmi Emmanuel Jayeoba and Wales Kingdom Capital Limited being Directors of Wales Kingdom Capital Limited between November 2020 to December 2020 within the jurisdiction of this Honorable Court knowingly consented to the carrying on of banking business without a valid licence by your company.
– That you, Adewale Daniel Jayeoba, sometime in 2020 in Lagos, indirectly used the total sum of N130, 000,000.00 (One Hundred and Thirty Million Naira Only), to acquire in your name, 100 Acres of Land located at Akewe Village, Obafemi Owode LGA, Ogun State, which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: carrying on banking business without valid licence
– That you, Adewale Daniel Jayeoba, sometime in 2020 in Lagos, within the jurisdiction of this Honourable Court, indirectly used the total sum of N12,500,000.00 (Twelve Million, Five Hundred Thousand Naira Only), to acquire 3 bedroom flat located at Laderin, Abeokuta, Ogun State which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: carrying on banking business without valid license
– That you, Adewale Daniel Jayeoba, sometime in 2020 in Lagos, within the jurisdiction of this Honourable Court, indirectly used the total sum of N63, 000,000.00 (Sixty Three Million Naira Only), to acquire in your name, 9 acres of land behind mechanic village, Ibadan, Oyo State, which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: carrying on banking business without valid license.
– That you, Adewale Daniel Jayeoba, sometime in 2020 in Lagos, indirectly used the total sum of N4,000,000.00 (Four Million Naira Only), to acquire in your name, 3 bedroom building located at Obada Abeokuta, Ogun State, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: carrying on banking business without valid license.