POPULAR FUNAAB YOUTH PASTOR, WALES, AND HIS DAD ARRESTED FOR FRAUD

A popular Youth Pastor at the Federal University of Agriculture, Abeokuta (FUNAAB), Ademola Jayeoba Wales, and his father, Emmanuel Jayeoba, have been arraigned by the EFCC before a Federal High Court in Ikoyi, Lagos.

They were arraigned on Monday, August 1, before Justice 1. Nicholas Owelbo on a two count charge bordering on illegal banking activities

One of the count reads, "that you, Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos within the jurisdiction of this Honourable Court did carry on banking business without a valid license and thereby committed an offence contrary to Section 2/2) of the Banks and Other Financial Institutions Act, Cap B3, Vol.2, Laws of the Federation of Nigeria, 2004."

The second count reads, "that you, Adewale Daniel Jayeoba, Emmanuel Jayeoba And Wales Kingdom Capital Limited whilst being Directors of Wales Kingdom Capital Limited sometime between October 2019 to December 2020 in Lagos within the jurisdiction of this Honourable Court knowingly consented to the carrying on of banking business without a valid license by the Company and thereby committed an offence contrary to section 2/2) and 49(1) of the Banks and Other Financial Institutions Act, Cap B3, Vol.2, Laws of the Federation of Nigeria, 2004."

They pleaded not guilty to the offence. In view of their pleas, the prosecution counsel, Chinenge Okezie asked the court for a trial date and their remand in a correctional facility. However, counsel to the defendants, Olaniyi George informed the court of a bail application and prayed that his clients be remanded in the custody of the EFCC pending the hearing of the application

Justice Oweibo adjourned the case to Wednesday, August 3, 2022 for hearing of the bail application and ordered the remand of the defendants in the EFCC custody.

It was reported in 2021, that Ademola owned Wales Kingdom Capital Ltd., a commodity and currency trading company founded in March 2019. The company was accused of defrauding investors of up to N40bn. The company had enticed investors with a promise of 25 percent monthly Return on investment (ROI).

However, things went well until December 7, 2020, when Jayeoba announced that the company would not be able to pay returns for the month despite several calls by investors for their monies. This development irritated some investors and the matter was taken to court. In the end, there was an order that the company's accounts be frozen until investigation was completed.

In June 2021, the Lagos Zonal Office of the Economic and Financial Crimes Commission (EFCC) arrested and paraded Jayeoba's parents. The commission accused them of conspiring with their son to defraud people of N935 million in the guise of forex trading.

Emmanuel, Jayeola's father who was also a director in the company, operated five bank accounts and had received close to N18.4 million before his arrest. It was also alleged that Jayeoba's mother operated six bank accounts and had received close to N917 million as proceeds from Wales Kingdom Capital's fraudulent transactions. The EFCC declared Jayeoba wanted in connection with the company's fraudulent activities.