N5.6bn laundering: Lagos court remands father, son

A father and his son were on Wednesday remanded in a custodial centre by a Federal High Court in Lagos over alleged N5.6bn money laundering.

Justice Chukwujekwu Aneke remanded them after they took their pleas.

The defendants were re-arraigned by the Economic and Financial Crimes Commission on 14 counts amended charges of money laundering in the sum of N5,697,029,685.

The first defendant, Adewale Jayeoba, and his father, Emmanuel Jayeoba (second defendant), and their firm, Wales Kingdom Capital Limited (third defendant), were first arraigned on August 2, 2022, before Justice Nicholas Oweibo on two counts of carrying out banking business without an appropriate licence.

They pleaded not guilty and were granted bail.

 But they were re-arraigned on Wednesday by the anti-graft commission after the charges were amended to reflect the amount they laundered.

One of the counts read, “That you, Adewale Daniel Jayeoba and Emmanuel Adewunmi Jayeoba, between 2019 and 2020, in Lagos, within the jurisdiction of this honorable court, conspired among 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 licence, thereby committing 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.”

The duo pleaded not guilty to the charges preferred against them.

The EFCC’s prosecuting counsel, Chinenye Okezie, asked the court for a trial date and urged that the defendants be remanded in a custody centre.

But the defence counsel, I.A. Raji, informed the court that the defendants were earlier granted bail by Justice Oweibo, but were unable to perfect the bail terms.

Raji asked the court for a short date for the hearing of a bail variation application.

After listening to the submission of the counsel, Justice Aneke adjourned the case till October 17 and December 6, 2022, for hearing of the bail application and trial respectively and remanded the defendants in custodial centre.