Father, son arraigned for N5.6bn banking operations fraud

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A Federal High Court sitting in Lagos has adjourned till June 28 this year to commence the trial of Lagos business man, Adewale Daniel Jayeoba, and his father, Emmanuel Adewumi Jayeoba, alleged to have defrauded members of the public of N5.6 billion through illegal banking operations.

Also, on trial alongside the two defendants is their company Wales Kingdom Capital Limited, alleged to have been used to carry for the illegal banking business. The defendants are currently on bail.

In a 14-count charge by the Economic and Financial Crime Commission, prosecuting counsel, Barrister Rotimi Oyedepo, SAN, it was alleged that Adewale Daniel Jayeoba and Emmanuel Adewunmi Jayeoba between 2019 and 2020, in Lagos, within the jurisdiction of the Honorable Court conspired amongst themselves 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 their unlawful activity to wit: carrying on banking business without valid license and 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 charge as filed against the Defendants are as follows:

That you, Adewale Daniel Jayeoba, Emmanuel Adewunmi 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, Emmanuel Adewumi 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 Emmanuel Adewumi 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 Emmanuel Adewumi 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.