Adewale Daniel Jayeoba, the founder of Wales Kingdom Capital Ltd., a commodity and currency trading company, has been re-arraigned at a Federal High Court sitting in Ikoyi, Lagos, though it was only for defrauding unsuspecting investors of N5.6 billion.

Jayeoba was re-arraigned in court after he made his first appearance in August alongside Emmanuel Adewunmi, his father.

According to a tweet made by the Economic and Financial Crimes Commission (EFCC), on Wednesday, the defendants were re-arraigned on a 14-count amended information bordering on money laundering to the tune of N5,697,029, 685.

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Jayeoba committed the act with the help of his father between 2019 and 2020.

Both defendants entered “not guilty pleas” after the charges were read to them.

Justice Chukwujekwu Aneke, the presiding judge, later adjourned the matter to October 17 and December 6 for hearing of bail application and trial respectively.

The Judge also ordered the defendants to be remanded in prison custody pending their next court appearance.

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In October 2021, FIJ reported how Jayeoba, through Wales Kingdom Capital, his forex trading company located in Abeokuta, Ogun State, asked Nigerians to invest their monies in his company, promising them a 25 percent return on investment (ROI).

Daniel Wales, as he is fondly called, ended up defrauding the investors of N40 billion.

In June, 2021, the Lagos Zonal Office of the EFCC arrested and paraded Jayeoba’s parents. The commission accused them of conspiring with their son to defraud people of N935 million, being the money found in their accounts, in the guise of forex trading.

In the same month, the commission also declared Daniel Wales wanted. He was later arrested in early part of this year.