Re-arrested for alleged N5.6 billion scam is father and son

A man and his son have been re-arrested by the Economic and Financial Crimes Commission (EFCC) in the Federal High Court in Lagos on charges of allegedly laundering N5.6 billion.

Adewale Daniel Jayeoba, his father Emmanuel Jayeoba, and their company Wales Kingdom Capital Limited were all initially charged on August 2, 2022, before Justice Nicholas Oweibo with two counts of conducting banking business without a valid license.

They entered a “not guilty” plea and were given bail.
The Jayeobas were taken before Justice Chukwujekwu Aneke on Wednesday by the EFCC.

On a 14-count revised allegation of alleged money laundering totaling N5,697,029,685 billion, they were re-arrested.

According to one of the counts, “You, Adewale Daniel Jayeoba, and Emmanuel Adewunmi Jayeoba conspired among yourselves between 2019 and 2020 in Lagos, within the jurisdiction of this Honorable Court, to use the aggregate sum of N5.697,029,685 which sum you reasonably ought to have known forms part of your unlawful activity, namely carrying on banking business without a valid license, and you thereby committed an offence contrary to Section 18 (a)

It was a “not guilty” plea.

In addition to requesting that the defendants be detained in the custody of the jail system, prosecution attorney Chinenye Okezie requested the court for a trial date.
However, defense attorney I.A. Raji told the court that although defendants were given bail by Justice Nicholas Oweibo, they were unable to uphold the conditions of their release.

Raji asked the court for a quick hearing date for his plea for a bail variation.

Justice Aneke remanded the accused in the custody of the correctional service and postponed the hearings on the bail application and trial to respectively October 17, 2022 and December 6, 2022.