The Economic and Financial Crimes Commission (EFCC) has arraigned one Emmanuel Jayeoba and his son, Ademola Jayeoba Wales, on a two-count charge bordering on illegal banking activities.

The accused were arraigned before Justice I. Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos on Monday.

One of the count reads: “That you, Wales Kingdom Capital Limited sometime between October 2019 and 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.”

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The second count reads: “That you, Adewale Daniel Jayeoba, Emmanuel Jayeoba And Wales Kingdom Capital Limited whilst being Directors of Wales Kingdom Capital Limited sometime between October 2019 and 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 pleaded not guilty to the offence.

In view of their pleas, the prosecution counsel, Chinenye Okezie, asked the court for a trial date and their remand in a correctional facility.

However, counsel to the defendants, Olaniyi George informed the court of a bail application and prayed that his clients be remanded in the custody of the EFCC pending the hearing of the application.

Justice Oweibo adjourned the case to Wednesday, August 3, for hearing of the bail application and ordered the remand of the defendants in the EFCC custody.