The Economic Financial Crimes Commission, EFCC, has commenced trial against Emmanuel Jayeoba and his son, Adewale Jayeoba, before Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos.
In an amended 14-count charge, Jayeoba, along with his son, is accused of money laundering fraud involving N5.7billion.
Initially, they were arraigned on August 2, 2022, before Justice Nicholas Oweibo, but they were later re-arraigned on the amended charges on October 12, 2022, before Justice Aneke.
One of the counts reads, “That you, Adewale Daniel Jayeoba and Emmanuel Adewunmi Jayeoba, between 2019 and 2020, in Lagos, within the jurisdiction of this honourable court, conspired among yourselves 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, 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 accused pleaded not guilty when the charges were read to them.
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Prosecuting counsel, C.C. Okezie, led in evidence the first prosecution witness, Chibueze Chukwuma, a staff member of Access Bank Plc.
Chukwuma, told the court he was the team leader of the regulatory inquiries department, ensuring that law enforcement agencies and other regulators were answered.
In addition, he discussed the correspondence between the EFCC and the bank during the investigation of the alleged fraud.
According to him, the EFCC requested account opening documents and a statement of account from Wales Kingdom Capital and Daniel Adewale in February 2021, and we responded to the request by sending the requested documents and attaching the Certificate of Identification for the period requested.”
Afterwards, the prosecution sought to introduce the correspondence into evidence.
Olaniyi George, the defence counsel, did not raise any objections.
The said documents were thus admitted by Justice Aneke as exhibits against them.
The case has been adjourned till October 23, 2024, for continuation of trial.
