Youth pastor, father remanded for illegal banking

A youth pastor at the Federal University of Agriculture, Abeokuta, Ogun State, Ademola Jayeoba, and his father, Emmanuel Jayeoba, have been arraigned by the Economic and Financial Crimes Commission before the Federal High Court, Ikoyi, Lagos State.

Ademola and Emmanuel were arraigned before Justice Nicholas Oweibo on two counts bordering on illegal banking activities.

The charges read, “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 licence….

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“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, knowingly consented to the carrying on of banking business without a valid licence by the company.”

They pleaded not guilty to the charges.

The prosecutor, Chinenye Okezie, asked the court for a trial date and their remand in a correctional facility.

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