The Economic and Financial Crimes Commission (EFCC) has brought two businessmen before a Federal High Court sitting in Lagos for allegedly carrying out a banking business without appropriate licence.

The defendants – Adewale Daniel Jayeoba, Emmanuel Jayeoba and their firm Wales Kingdom Capital Limited – were arraigned on Monday before Justice Nicholas Oweibo on a two-count charge.

Prosecution counsel Chineye Okezie told the court the defendants committed the offence within Lagos in October 2019.

The defendants pleaded not guilty.

Defence counsel Olaniyi George said he had filed a motion for bail which was served on the prosecution early in the day.

But the prosecutor indicated an intention to oppose the application. She sought an adjournment to enable her prepare a counter affidavit

Justice Oweibo granted her application and adjourned till August 10.

The judge remanded the defendants in EFCC custody pending the hearing of the bail application.

The charge reads: “That you, Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos 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.

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 knowingly consented to the carrying on of banking business without a valid license by the Company 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.

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