EFCC to arraign businessman Niyi Oyedele, Gas Station Supply over N150 scam

The Economic and Financial Crimes Commission (EFCC) has brought forward a six-count charge against Lagos businessman Niyi Oyedele and his company, Gas Station Supply Services Limited.

The charges accuse them of running an illegal collective investment scheme without the necessary regulatory approval.

The arraignment is set to take place on April 24, 2025, at the Federal High Court in Lagos.

According to the EFCC’s legal team, led by Anasoh Henry Onyekachi, Oyedele and his firm conducted investment management activities with Mrs. Elizabeth Kings-Wali between 2021 and 2022, all 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 carries penalties under Section 57(5).

The defendants also face accusations 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, punishable under Section 54(6) of the Act. Additionally, the charges highlight breaches of the Money Laundering Prohibition Act 2022.

The EFCC claims that on April 16, 2021, Gas Station Supply Services Limited accepted a deposit of ₦100 million into its Keystone Bank account and failed to report this transaction to the Nigerian Financial Intelligence Unit (NFIU) within the required seven-day timeframe. A similar failure to notify occurred on April 21, 2021, when the company transferred ₦50 million from the same account.

These actions breach Section 11(1)(b) of the Money Laundering Prohibition Act 2022 and are subject to penalties under Section 11(3).

Oyedele and his company are expected to enter their pleas during the arraignment on April 24.