EFCC re-arraigns father, son for alleged N5.7 billion fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned a father and his son on money laundering charges involving over N5 billion.

A statement by EFCC said Adewunmi Jayeoba and his son, Adewale Jayeoba, were arraigned at the Federal High Court in Ikoyi, Lagos.

The statement signed by the commission’s spokesperson, Wilson Uwujaren, said the defendants pleaded “not guilty” to the 14 charges read to them.

In view of their pleas, the prosecution counsel, Chinenye Okezie, asked the court for a trial date and also prayed that the defendants be remanded in prison.

In response, defence lawyer, I.A. Raji, informed the court that the defendants had previously been granted bail by the previous trial judge, Nicholas Oweibo.

He, however, told the court that the defendants had not been able to perfect the bail conditions.

The defence counsel, therefore, prayed the court for a short date for the hearing of the bail variation.

The new trial judge, Chukwujekwu Aneke, adjourned the matter until 17 October and 6 December for hearing of the bail application and trial, respectively.

The judge also ordered the defendants to be remanded in prison custody pending the scheduled hearings.

The EFCC said the father and son were re-arraigned on 14 counts of money laundering involving N5.7 billion.

The commission alleged that the over N5 billion was part of the proceeds of the defendants’ unlawful activity they engaged in between 2019 and 2020 in Lagos.

They allegedly got the money from “banking business” without having the valid license.

EFCC said the act violates section 18 (a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15(3) of the same Act.