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

<h4>Niyi Oyedele<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that a Federal High Court&comma; sitting in Lagos&comma; has adjourned till 24th of April&comma;2025 when a Lagos business man&comma; Niyi Oyedele and his Company Gas Station Supply Services Limited&comma; will be arraigned before the court on six-count charge of operating illegal collective investment scheme&period;<&sol;p>&NewLine;<p>In a six count charge filed before the court by combined legal team of Economic and Financial Crimes Commission&comma; EFCC&comma; lead by Anasoh Henry Onyekachi&comma; it was stated that &colon;<&sol;p>&NewLine;<p>Niyi Oyedele and Gas Station Supply Services Limited sometime between 2021 and 2022 in Nigeria within the Judicial division of the court&comma; incorporated in Nigeria respectively&comma; 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&lpar;5&rpar; of the same Act&period;<&sol;p>&NewLine;<p>Same time and place Niyi Oyedele and Gas Station Supply Services Limited being an alter ego and a company incorporated in Nigeria respectively&comma; while carrying on their Investment of Collective Investment Scheme&comma;failed to register with the Securities and Exchange Commission&comma; and thereby committed an offence contrary to Section 54&lpar;1&rpar; of the Investment and Securities Act 2007 and punishable under Section 54&lpar;6&rpar; of the same Act&period;<&sol;p>&NewLine;<p><a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">The Gas Station Supply Services Limited company<&sol;a> on the 16th of April&comma;2021&comma; 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&comma;000&comma;000&period;00 &lpar;One Hundred Million Naira&rpar; into its account number 1009102579&comma; domiciled with Keystone Bank Plc thereby committed an offence contrary to Section 11&lpar;1&rpar;&lpar;b&rpar; and punishable under sections 11&lpar;3&rpar; of the Money Laundering Prohibition Act 2022&period;<&sol;p>&NewLine;<p>It was further stated that Gas Station Supply Services Limited on the 21st of April&comma;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&comma;000&comma;000&period;00 &lpar;Fifty Million Naira&rpar;from its account number 1009102579&comma;domiciled with Keystone Bank Plc and thereby committed an offence contrary to Section 11&lpar;1&rpar;&lpar;b&rpar; and punishable under sections 11&lpar;3&rpar; of the Money Laundering Prohibition Act 2022&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;