EFCC Arraigns Woman For Alleged Illegal Capital Market Operation In Lagos

On Wednesday, May 28, 2025, the Economic and Financial Crimes Commission’s (EFCC) Lagos Zonal Directorate 1 brought Oluwaseyi Hevleen Johnson before Justice D.I. Dipeolu at the Federal High Court in Ikoyi, Lagos for arraignment.

Johnson, together with her company, XY Connects Global Investments Limited, faces a two-count charge related to running collective investment schemes without obtaining a license from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

One of the charges states: “That you, OLUWASEYI HEVLEEN JOHNSON and XYCONNECTS GLOBAL INVESTMENT LIMITED, sometime in 2022 in Nigeria, within the Judicial Division of this Honourable court, being an alter ego and a company incorporated in Nigeria respectively, failed to obtain a valid licence from the Central Bank of Nigeria to carry on your business of Investment Management with Solomon Okedara and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Sections 57(5) of the same Act.”

When the charges were read to her, the defendant entered a not guilty plea.
Following her plea, the prosecution counsel, Abdulhamid L. Tukur, requested a date for the trial to commence.

The defendant’s counsel notified the court of an existing bail application for Johnson and requested that the court consider it.

While presenting the bail application, the defense counsel sought leniency, noting that the defendant “is a first-time offender and a single mother with minor kids, the oldest being 16 and the youngest 9.“

The defense counsel also informed the court that the defendant had approached the court and had begun the process of restituting the proceeds to the petitioner.

Justice Dipeolu, in granting bail, noted that “the bail application did not disclose genuine reasons for her bail to be granted.

“However, in the interest of justice, bail is granted to the defendant in the sum of N1 million naira and a surety in like sum. The surety must be a responsible Nigerian with evidence of 3 years tax payment.”

The case was adjourned by the judge to June 27, 2025, for the trial to begin, and the defendant was ordered to be held at the Nigerian Correctional Centre, Kirikiri, Lagos, until the bail conditions are met.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli