A Federal High Court sitting in Lagos today remanded two brothers Adewale Daniel Jayeoba and Emmanuel Jayeoba in the custody of the Economic and Financial Crimes Commission, EFCC, till August 10,2022 when thier bail application would be heard.
Justice Nicholas Oweibo remanded the two businessmen and adjourned hearing of the bail application till August 10th after the arraignment of the defendants.
The two brothers Adewale Daniel Jayeoba, Emmanuel Jayeoba and a company Wales Kingdom Capital Limited were charged for allegedly operating a banking business without a valid banking license.
When the matter came up for trial today, the prosecutor from the Economic and Financial Crimes Commission, Chineye Okezie told the trial judge that she has a two count charge pending before the court and urged the court to allow the charge to be read to the defendants so that they can take their plea .
Following the reading of the charge and the defendants’ plea of not guilty, the prosecutor asked for a trial date and the remand of the defendants in the custody of the Nigerian Correctional Service.
However, the defendants’ counsel Olaniyi George told the court that while he was not oppose to a trial date as requested by the prosecution, however, told the court that he has filed a bail application and served same on the prosecution adding that he is ready to move the motion.
Okezie while admitting service, told the court that he is still within time to respond to the application, she then ask for a short adjournment so that she can file her reply to the bail summons.
Following the prosecution request, Justice Oweibo adjourned hearing of the bail application till the 10th of August. The trial judge also remanded the defendants in the custody of the EFCC.
The charges against the defendants’ 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 a 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.e
