On Wednesday, Justice Akintoye Aluko of the Federal High Court in Lagos postponed making a decision on the bail application of two suspected fraudsters and a corporation, who were accused of defrauding the public out of billions of naira through a fictitious Ponzi scheme.
The two defendants, Adewale Daniel Jayeoba and Emmanuel Jayeoba, who are father and son with their company Wales Kingdom Capital Limited, were arraigned before Justice Nicholas Oweibo last Thursday on a two-count charge of conducting a financial operation without a current banking licence.
Following their arraignment, Justice Nicholas Oweibo postpones the hearing on their bail request till today.
When the trial resumed today, the defence attorney for the defendants, Mr. Olaniyi George, informed Justice Aluko, who has now taken over as a vacation judge, that he has a bail application and begged the court to enable him to move same.
Even though the defence attorney presented him with a motion for bail, Mr. Rotimi Oyedepo, the prosecution attorney from the Economic and Financial Crimes Commission, EFCC, informed the judge that the application had already received a response.
However, Oyedepo informed the court that the defence had just served the prosecution with a new affidavit this morning, which would demand a response. If the defence can proceed without using the new affidavit, however, the case may continue.
Justice Aluko postponed making a decision regarding the bail summons until August 18th after hearing arguments regarding the motion for bail and the prosecution's opposition to it.
The trial judge further ordered the defendants to stay in EFCC custody up to the decision regarding the bail application.
Adewale Daniel Jayeoba and Emmanuel Jayeoba, son and father, as well as their company, Wales Kingdom Capital Limited, were charged by the EFCC last week with operating a banking business without a valid licence, which resulted in the loss of over N14 billion by hundreds of unwitting customers.
Justice Nicholas Oweibo remanded the defendants after their arraignment and postponed the hearing on the bail application until August 10.
Indicted for allegedly running a banking operation without a current banking licence were Adewale Daniel Jayeoba, Emmanuel Jayeoba, and their business Wales Kingdom Capital Limited.
The prosecution requested a trial date and the remand of the defendants in the custody of the Nigerian Correctional Service after reading the accusation and the defendants' plea of not guilty.
Olaniyi George, the defence attorney for the defendants, however, informed the court that while he was not opposed to the prosecution's request for a trial date, he had already submitted a bail application and served it on the prosecution and was prepared to move through with the motion.
Okezie requested a brief delay so that she could file her response to the bail summons while acknowledging service and informing the court that she still had time to respond to the application.
Justice Oweibo postponed hearing the bail application until the 10th of August in response to the prosecution's request. The trial judge also ordered the accused to remain in the EFCC's care.
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.