EFCC Arraigns Brothers for Alleged Illegal Bank Operation

Economic and Financial Crimes Commission (EFCC) has arraigned Adewale Jayeoba and Emmanuel Jayeoba, two brothers before the Federal High Court in Lagos for allegedly operating a bank without a valid license.

The EFCC docked the brothers before Justice Nicholas Oweibo alongside their firm, Wales Kingdom Capital Limited, on a two count-charge of conspiracy and fraud.

Chineye Okezie, EFCC counsel, told the judge that the defendants committed the offence in Lagos between October 2019 and December 2020.

Okezie also claimed that the offences violated sections 2(2) and 49(1) of the Banks and Other Financial Institutions Act, Cap B3, Vol.2, Laws of the Federation of Nigeria, 2004.

The defendants, however, pleaded not guilty to the charge.

After their pleas were taken, Olaniyi George, defence counsel, informed the court that he has filed applications for bail on behalf of his clients and that copies of the applications have been served on the prosecution.

But the prosecutor told the court that she was served with the applications in court and that she will need a short adjournment to enable her to file a counter affidavit bail application.

Based on the development, Justice Oweibo adjourned the matter to August 10 and also ordered that the defendants be remanded in EFCC’s custody pending the hearing and determination 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.