Ademola Jayeoba Wales, a popular Youth Pastor at the Federal University of Agriculture, Abeokuta (FUNAAB), and his father, Emmanuel Jayeoba, have been charged for fraud by the EFCC in a Federal High Court in Ikoyi, Lagos.
They were arraigned on a two-count charge of illegal banking activities before Justice I. Nicholas Oweibo on Monday, August 1.
According to one of the counts, “that you, Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos within the jurisdiction of this Honourable 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”.
The second count reads, “that you, Ademola Jayeoba Wales , 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 Honourable Court 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”.
They pled not guilty to the charge. In light of their pleas, the prosecution’s counsel, Chinenye Okezie, requested a trial date and their remand in a correctional facility from the court. However, the defendants’ counsel, Olaniyi George, informed the court of a bail application and requested that his clients be remanded in the custody of the EFCC pending the application’s hearing.
Justice Oweibo remanded the defendants in EFCC custody and adjourned the case to Wednesday, August 3, 2022 for the hearing of the bail application.
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