Illegal Ponzi Scheme: Court Defers Ruling On Suspected Fraudsters’ Bail Application

Justice Akintoye Aluko of the Federal High Court sitting in Lagos on Wednesday adjourned ruling on the bail application of two suspected fraudsters and a company, who were alleged to have dupped unsuspecting publics of billions of naira through a fake Ponzi scheme.

The two defendants Adewale Daniel Jayeoba and Emmanuel Jayeoba who are Son and father with thier company Wales Kingdom Capital Limited were arraigned last week before Justice Nicholas Oweibo on a two count charge of operating a banking business without a valid banking license .

Consequent upon thier arraignment, Justice Nicholas Oweibo defers hearing of their bail application.

At the resumption of trial, counsel to the defendants, Mr Olaniyi George told Justice Aluko who has now assumed jurisdiction over the matter as a vacation judge that he has a bail application and pleaded with the court to be allowed to move same.

However, Mr Rotimi Oyedepo the prosecution counsel from the Economic and Financial Crimes Commission, EFCC, told the judge that although the defence counsel has served him with the motion for bail and that same has been responded to.

Oyedepo however told the court that the defence had just served them with a further affidavit this morning which would require response from the prosecution, he added if the defence can do without relying on the further affidavit, then the matter could go on.

After hearing submissions on the motion for bail and the counter to it by the prosecution, Justice Aluko adjourned ruling on the bail summons till 18th of August.

The trial judge also directed the defendants to continue to remain in the custody of EFCC till the ruling on the bail application.

The EFCC had last week arraigned Adewale Daniel Jayeoba and Emmanuel Jayeoba both son and father and thier company, Wales Kingdom Capital Limited for illegally operating a banking business without a valid banking license through which hundreds of unsuspecting publics lost over N14 billions

After their arraignment, Justice Nicholas Oweibo remanded them in the custody of EFCC and adjourned hearing of the bail application till August 10th.

Adewale Daniel Jayeoba, Emmanuel Jayeoba and thier company Wales Kingdom Capital Limited were charged for allegedly operating a banking business without a valid banking license.

After reading the charge and the defendants pleaded not guilty to same, the prosecutor asked for a trial date and the remand of the defendants in the custody of the Nigerian Correctional Service.

However, the defendants’ counsel Olaniyi George told the court that while he was not oppose to a trial date as requested by the prosecution, he, however, told the court that he has filed a bail application and served same on the prosecution, adding that he is ready to move the motion.

Okezie while admitting service, told the court that he is still within time to respond to the application, she then ask for a short adjournment so that she can file her reply to the bail summons.

Following the prosecution request, Justice Oweibo adjourned hearing of the bail application till the 10th of August. The trial judge also remanded the defendants in the custody of the EFCC.

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.