On Monday, May 20, 2024, the Economic and Financial Crimes Commission, or EFCC, appeared before Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, with PW1, Chibueze Chukwuma, an employee of Access Bank Plc, as the first prosecution witness in the case of Emmanuel Jayeoba and his son, Adewale Jayeoba.
His son Jayeoba and their company, Wales Kingdom Capital Limited, are on trial for a revised 14-count allegation of a purported N5.7 billion money laundering scam.
They were first charged before Justice Nicholas Oweibo on August 2, 2022, by the Lagos Zonal Command of the EFCC. However, on October 12, 2022, they were again arraigned before Justice Aneke on the modified accusations.
As per Section 18(a) of the Money Laundering (Prohibition) (Amendment) Act, 2012, and punishable under Section 15(3) of the same Act, 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 N5,697,029,685.00, which sum you reasonably ought to have known forms part of your unlawful activity, namely: carrying on banking business without a valid license.
When the charges were read to them, they entered a “not guilty” plea.
During the Monday session that was reopened, Chukwuma, accompanied by the prosecutor, C.C. Okezie, testified in court that he was the head of the regulatory inquiries department and made sure the bank addressed inquiries from regulators and law enforcement.
He went on to describe the part that was played in the course of the EFCC and bank correspondence during the investigation of the purported scam.
In response, the bank sent the requested documents for the period required by the EFCC and attached the Certificate of Identification. “In February 2021, the bank received a letter from the EFCC requesting account opening documents and statement of account of Wales Kingdom Capital and Daniel Adewale,” the statement reads.
The prosecution then attempted to use the aforementioned correspondence as evidence.
The defense attorney, Olaniyi George, did not voice any objections. Justice Aneke thus admitted the aforementioned documents as evidence against them.
The trial for this case has been postponed until October 23, 2024.
