The Federal High Court in Lagos has re-arrested a man and his son on charges of allegedly laundering N5.6 billion by the Economic and Financial Crimes Commission (EFCC).
Adewale Daniel Jayeoba, the first defendant, his father Emmanuel Jayeoba, the second defendant, and their company Wales Kingdom Capital Limited, the third defendant, were initially charged on August 2, 2022, before Justice Nicholas Oweibo with two counts of engaging in banking business without the necessary authorization.
They entered a plea of "not guilty," and bail was granted.
On Wednesday, the EFCC brought the Jayeobas before Justice Chukwujekwu Aneke.
They were re-arraigned on a 14-count amended charge of alleged money laundering to the tune of N5,697,029,685billion.
One of the counts reads: “That you, Adewale Daniel Jayeoba and Emmanuel Adewunmi Jayeoba, between 2019 and 2020, in Lagos, within the jurisdiction of this Honorable Court, conspired amongst yourselves to use the aggregate sum of N5.697,029,685 which sum you reasonably ought to have known forms part of your unlawful activity to wit: carrying on banking business without a valid license and you 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.”
They pleaded “not guilty“.
Prosecution counsel Chinenye Okezie asked the court for a trial date and also prayed that the defendants be remanded in correctional service custody.
But defence counsel I.A. Raji informed the court that the defendants were granted bail by Justice Nicholas Oweibo but were unable to perfect the bail terms.
Raji prayed to the court for a short date for the hearing of a bail variation application.
Justice Aneke adjourned till October 17, 2022, and December 6, 2022 for hearing of the bail application and trial respectively and remanded the defendants in correctional service custody.