EFCC Charges Oyedele Over Illegal Investment Scheme, CBN And SEC Violations, Failure To Report ₦100M Transaction
A Lagos businessman, Niyi Oyedele, and his company, Gas Station Supply Services Limited, are set to be arraigned before a Federal High Court in Lagos on April 24, 2025, over allegations of operating an illegal collective investment scheme.
The Economic and Financial Crimes Commission (EFCC), in a six-count charge filed by its legal team led by Anasoh Henry Onyekachi, accused Oyedele and his firm of conducting investment management operations without the necessary approvals from regulatory authorities.
According to the EFCC, between 2021 and 2022, the defendants failed to obtain a valid licence from the Central Bank of Nigeria (CBN) before engaging in investment management activities involving one Mrs. Elizabeth Kings-Wali.
This, the prosecution argues, violates Section 57 of the Banks and Other Financial Institutions Act 2020, punishable under Section 57(5) of the same Act.
Furthermore, Oyedele and his company allegedly operated a collective investment scheme without registering with the Securities and Exchange Commission (SEC), contravening Section 54(1) of the Investment and Securities Act 2007. The EFCC asserts that this offence is punishable under Section 54(6) of the Act.
The charges also include violations of the Money Laundering Prohibition Act 2022. The prosecution claims that on April 16, 2021, Gas Station Supply Services Limited failed to notify the Nigerian Financial Intelligence Unit (NFIU) within the required seven-day period after receiving a single deposit of ₦100 million into its Keystone Bank account.
A similar failure to report was recorded on April 21, 2021, when the company allegedly transferred ₦50 million from the same account.
The EFCC maintains that these actions breach Section 11(1)(b) of the Money Laundering Prohibition Act 2022 and are punishable under Section 11(3).
Oyedele and his company are expected to take their pleas when the case comes up for arraignment on April 24.
