Court Fixes August 18 for Ruling on  Alleged N14bn Fraud Case

Wale Igbintade

Justice Akintoye Aluko of the Federal High Court in Lagos yesterday heard the bail application of two suspected fraudsters, Ademola Jayeoba, and his father, Emmanuel Jayeoba, alleged to have defrauded the unsuspecting public of over N14 billion through a fake Ponzi scheme.

The two defendants, Adewale Jayeoba, and his father Emmanuel Jayeoba, and their company, Wales Kingdom Capital Limited, were arraigned last week before

Justice Nicholas Oweibo on a two-count charge of operating a banking business without a valid banking licence.

Consequent to their arraignment, Justice Oweibo adjourned the hearing of their bail application.

When the matter was called yesterday, counsel to the defendants, Mr. Olaniyi George, told Justice Aluko, who has now assumed jurisdiction over the matter as a vacation Judge, that he has a bail application, and pleaded with the court to be allowed to move same.

However, the prosecution counsel from the EFCC, Mr. Rotimi Oyedepo, told the court that the defence had just served them with a further affidavit, which would require a response from the prosecution.

He added that if the defence can do without relying on the further affidavit, then the matter could go on.

After hearing submissions on the motion for bail and the counter by the prosecution, Justice Aluko adjourned the ruling on the bail summons till August 18. The trial Judge also directed that the defendants should remain in the custody of the EFCC till the ruling on their bail applications.

The EFCC  had last week arraigned Adewale and Emmanuel, both son and father, and their company, Wales Kingdom Capital Limited, for illegally operating a banking business without a valid banking licence through which hundreds of unsuspecting members of the public lost over N14 billions

After their arraignment, Justice Nicholas  Oweibo remanded them in the custody of EFCC, and adjourned the hearing of the bail application till August 10.