The Economic and Financial Crimes Commission (EFCC) has filed a six-count charge against Lagos businessman Niyi Oyedele and his company, Gas Station Supply Services Limited, alleging the operation of an illegal collective investment scheme without necessary regulatory approvals.
The arraignment is scheduled for April 24, 2025, at the Federal High Court in Lagos.
According to the EFCC’s legal team, led by Anasoh Henry Onyekachi, between 2021 and 2022, Oyedele and his firm engaged in investment management activities with Mrs. Elizabeth Kings-Wali without obtaining a valid license from the Central Bank of Nigeria (CBN).
This action contravenes Section 57 of the Banks and Other Financial Institutions Act 2020, which is punishable under Section 57(5) of the same Act.
The defendants are accused of operating a collective investment scheme without registering with the Securities and Exchange Commission (SEC), violating Section 54(1) of the Investment and Securities Act 2007. This offense is punishable under Section 54(6) of the Act.
The charges also include breaches of the Money Laundering Prohibition Act 2022.
The EFCC alleges that on April 16, 2021, Gas Station Supply Services Limited received a single deposit of ₦100 million into its Keystone Bank account and failed to notify the Nigerian Financial Intelligence Unit (NFIU) within the required seven-day period.
A similar failure to report occurred on April 21, 2021, when the company transferred ₦50 million from the same account.
These actions violate 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 enter their pleas during the arraignment on April 24.
