Justice Akintoye Aluko of the Federal High Court, Lagos today adjourned ruling on the bail application of two alleged fraudsters and a company, who were alleged to have dupped unsuspecting publics of billions of naira through a fraudulent Ponzi scheme.
Justice Aluko adjourned the matter for ruling after hearing the bail application of the defendants.
The two defendants Adewale Daniel Jayeoba and Emmanuel Jayeoba who are Son and father with thier company Wales Kingdom Capital Limited were arraigned last week before Justice Nicholas Oweibo on a two count charge of operating banking business without a valid banking license .
Consequent upon thier arraignment, Justice Nicholas Oweibo defered the hearing of their bail application till today.
At the resumption of trial today , counsel to the defendants, Mr Olaniyi George told Justice Akintoye Aluko who has now assumed jurisdiction over the matter as a vacation judge that he has a bail application and pleaded with the court to allow him move the application.
However, Mr Rotimi Oyedepo the prosecution counsel from the Economic and Financial Crimes Commission, EFCC, told the judge that although the defence counsel has served the prosecution with the motion for bail and that same has been responded to.
Oyedepo, however, told the court that the defence this morning again served the the prosecution with a further affidavit which would require response from the prosecution, he added if the defence can do without relying on the further affidavit, the prosecution would be ready to go ahead with the matter without asking for adjournment.
Consequently, the defence counsel abandoned the further affidavit and both parties moved thier respective applications.
After hearing submissions of counsel on the motion for bail and the objection to it by the prosecution, Justice Aluko adjourned ruling on the bail summons till 18th of August.
The trial judge also directed the defendants to continue to remain in the custody of EFCC till the 18th of August when ruling on the bail application will be delivered.
The EFCC had last week arraigned Adewale Daniel Jayeoba and Emmanuel Jayeoba both son and father and thier company, Wales Kingdom Capital Limited for illegally operating a banking business without a valid banking license through which hundreds of unsuspecting publics lost over N14 billions to the fraudulent scheme.
