Niyi Oyedele and his company, Gas Station Supply Services Limited have been accused by the Economic and Financial Crimes Commission, EFCC, of money laundering.
The EFCC represented by a legal team led by Anasoh Henry Onyekachi, has filed a six-count charge before the federal high court, Lagos accusing the businessman and his company of operating investment management activities without the required approvals from regulatory bodies.
The court has scheduled April 24, 2025, for the arraignment of Niyi Oyedele and his company Gas Station Supply Services Limited.
Accordijg to the anti-graft ageny: “Between 2021 and 2022, the defendants, Niyi Oyedele and his company, Gas Station Supply Services Limited, 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, the EFCC alleged.
“This 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.”
In addition to these charges, the duo were accused of breaching the Money Laundering Prohibition Act 2022. The prosecution alleges 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 ₦100 million deposit into its Keystone Bank account.
Similarly, on April 21, 2021, the company allegedly transferred ₦50 million from the same account without notifying the NFIU, as required by law.
The EFCC claims that these actions contravene Section 11(1)(b) of the Money Laundering Prohibition Act 2022, punishable under Section 11(3) of the same Act.
Oyedele and his company are expected to enter their pleas when the case is called on April 24. Oyedele also holds leadership roles in Sparkwest Steel Industries Limited and Westcom Technologies and Energy Services Limited.