Illegal Banking Operation : EFCC Drags Businessmen To Court

The Economic and Financial Crimes Commission EFCC have dragged two alleged illegal banking operators  before a Federal High Court sitting in Lagos for carrying out banking business without appropriate licence.

The defendants are Adewale Daniel Jayeoba, Emmanuel Jayeoba and their company Wales Kingdom Capital Limited

Chineye Okezie arraigned the duo on Monday before Justice Nicholas Oweibo on a two counts charge bordering on alleged illegal banking business

Okezie told the court the defendants committed the offence within Lagos in October 2019.

The defendants however pleaded not guilty to the charge.

Counsel to the Defendants Olaniyi George informed the court that he has filed a motion for bail which was served on the prosecution early hours on Monday.

Okezie told the court that the prosecution intend to oppose the application by filing a  counter affidavit. She then sought for an adjournment.

Subsequently, Justice Oweibo adjourned the case to 10th of August and remanded the defendants 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.

Count 2
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 o 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.