The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Wednesday, May 28, 2025, arraigned one Oluwaseyi Hevleen Johnson before Justice D.I. Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, over allegations of running an unlicensed investment scheme.
Johnson, alongside her company, XY Connects Global Investments Limited, is facing a two-count charge bordering on operating a collective investment scheme without regulatory approval from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
According to one of the charges, Johnson and her firm allegedly carried out investment operations in 2022 in collaboration with one Solomon Okedara, without securing the required licence from the CBN.
The EFCC stated that this act contravenes Section 57 of the Banks and Other Financial Institutions Act, 2020, and is punishable under Section 57(5) of the same Act.
When the charges were read in court, Johnson pleaded not guilty.
Following her plea, EFCC counsel Abdulhamid L. Tukur requested a date for the commencement of trial.
In response, the defence counsel informed the court of a pending bail application and moved the motion, urging the court to show compassion.
He explained that Johnson was a first-time offender and a single mother of four children, with the eldest aged 16 and the youngest just 9.
He also noted that the defendant had begun repaying the alleged proceeds of the scheme to the complainant.
While ruling on the bail application, Justice Dipeolu remarked that the application lacked strong legal grounds but granted bail in the interest of justice.
The defendant was granted bail in the sum of ₦1 million, with one surety in like sum adding that the surety must be a responsible Nigerian and present evidence of tax payments for the past three years.
The case was adjourned to June 27, 2025, for trial. Meanwhile, Justice Dipeolu ordered that Johnson be remanded at the Kirikiri Correctional Centre in Lagos until she meets her bail conditions.
