Lagos Businessman Faces Court Over Alleged Illegal Investment Scheme
Lagos-based businessman Niyi Oyedele, alongside his company Gas Station Supply Services Limited, is set to face charges before a Federal High Court in Lagos on April 24, 2025, for allegedly running an illegal collective investment scheme.
The Economic and Financial Crimes Commission (EFCC) has filed a six-count charge against Oyedele and his company, accusing them of engaging in investment management operations without obtaining the required approvals from relevant regulatory bodies.
The EFCC’s legal team, led by Anasoh Henry Onyekachi, claims that between 2021 and 2022, Oyedele and Gas Station Supply Services failed to secure a license from the Central Bank of Nigeria (CBN) before conducting investment management activities, particularly involving one Mrs. Elizabeth Kings-Wali. This, according to the EFCC, constitutes a violation of Section 57 of the Banks and Other Financial Institutions Act 2020, which is punishable under Section 57(5) of the same Act.
Additionally, the prosecution asserts that Oyedele and his firm operated a collective investment scheme without registration with the Securities and Exchange Commission (SEC), contravening Section 54(1) of the Investment and Securities Act 2007, punishable under Section 54(6).
The charges also include alleged violations of the Money Laundering Prohibition Act 2022. Specifically, the EFCC claims that on April 16, 2021, Gas Station Supply Services received a deposit of ₦100 million into its Keystone Bank account without notifying the Nigerian Financial Intelligence Unit (NFIU) within the required seven-day period. A similar failure to report was allegedly committed on April 21, 2021, when the company transferred ₦50 million from the same account. These actions, according to the EFCC, breach Section 11(1)(b) of the Money Laundering Prohibition Act 2022, punishable under Section 11(3).
Oyedele and Gas Station Supply Services Limited are expected to enter their pleas when the case is called in court on April 24.
