Niyi Oyedele Allegedly Operated Illegal Investment Company, To Be Arraigned April 24

Niyi Oyedele

OpenLife Nigeria reports that a Federal High Court, sitting in Lagos, has adjourned till 24th of April,2025 when a Lagos business man, Niyi Oyedele and his Company Gas Station Supply Services Limited, will be arraigned before the court on six-count charge of operating illegal collective investment scheme.

In a six count charge filed before the court by combined legal team of Economic and Financial Crimes Commission, EFCC, lead by Anasoh Henry Onyekachi, it was stated that :

Niyi Oyedele and Gas Station Supply Services Limited sometime between 2021 and 2022 in Nigeria within the Judicial division of the court, incorporated in Nigeria respectively, failed to obtain a valid licence from Central Bank of Nigeria to carry on business of Investment Management with one Mrs Elizabeth Kings-Wali and thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Sections 57(5) of the same Act.

Same time and place Niyi Oyedele and Gas Station Supply Services Limited being an alter ego and a company incorporated in Nigeria respectively, while carrying on their Investment of Collective Investment Scheme,failed to register with the Securities and Exchange Commission, and thereby committed an offence contrary to Section 54(1) of the Investment and Securities Act 2007 and punishable under Section 54(6) of the same Act.

The Gas Station Supply Services Limited company on the 16th of April,2021, while carrying on the business of Investment Management failed to report to the Nigerian Financial Intelligence Unit in writing within seven days of a single lodgment of the sum of N100,000,000.00 (One Hundred Million Naira) into its account number 1009102579, domiciled with Keystone Bank Plc thereby committed an offence contrary to Section 11(1)(b) and punishable under sections 11(3) of the Money Laundering Prohibition Act 2022.

It was further stated that Gas Station Supply Services Limited on the 21st of April,2021 while Carrying on the business of Investment Management failed to report to the Nigerian Financial Intelligence Unit in writing within seven days of a single transfer of the sum of N50,000,000.00 (Fifty Million Naira)from its account number 1009102579,domiciled with Keystone Bank Plc and thereby committed an offence contrary to Section 11(1)(b) and punishable under sections 11(3) of the Money Laundering Prohibition Act 2022.