N14bn Ponzi Scheme: Father, Son Know Fate August 18

Justice Akintoye Aluko of the Federal High Court in Lagos has fixed August 18 for ruling on the bail application filed by a businessman, Adewale Jayeoba and his father, Emmanuel Jayeoba, both accused of defrauding their victims of N14 billion through a Ponzi scheme

The defendant and their firm Wales Kingdom Capital Limited were on August 2, 2022 remanded in prison by Justice Nicholas Oweibo after they were brought before the court by the Economic and Financial Crimes Commission (EFCC).

They, however, pleaded not guilty to the two-count charge of carrying out banking operations without a valid licence.

Justice Oweibo who was then sitting as the vacation judge, then fixed August 10 for the hearing of their bail applications.

But when the matter came up again for hearing, Justice Aluko had resumed as the new vacation judge, so the case filed was handed over to him for hearing.

The defence counsel, Olaniyi George explained the history of the case to the new vacation judge and pleaded with him to grant him leave to move the bail application.

The EFCC counsel, Rotimi Oyedepo confirmed receipt of the motion for bail adding that he had responded to the same.

But he informed the judge that the defence, just before the court began sitting, served him with a further affidavit which would require a response.

After hearing submissions on the motion for bail and the counter to it by the prosecution, Justice Aluko adjourned ruling on the application till August 18.