The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Wednesday, May 28, 2025, arraigned one Oluwaseyi Hevleen Johnson before Justice D.I. Dipeolu of the Federal High Court sitting in Ikoyi, Lagos.
Johnson was arraigned alongside her company, XY Connects Global Investments Limited, on a two-count charge related to the operation of an unlicensed collective investment scheme, in violation of regulations by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
One of the charges reads:
*“That you, OLUWASEYI HEVLEEN JOHNSON and XY CONNECTS 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 thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5) of the same Act.”*
Johnson pleaded not guilty to the charges.
Following her plea, prosecution counsel Abdulhamid L. Tukur requested the court to fix a date for trial. Meanwhile, defence counsel informed the court of a pending bail application and moved for its consideration.
In support of the bail request, the defence noted that the defendant is a first-time offender and a single mother of two, with children aged 16 and 9. He also informed the court that Johnson had taken steps toward restitution to the petitioner.
Justice Dipeolu, while acknowledging that the bail application lacked substantial grounds, granted bail “in the interest of justice.” Bail was set at ₦1 million with one surety in like sum. The surety must be a responsible Nigerian with proof of tax payment for the last three years.
The case was adjourned to June 27, 2025, for the commencement of trial. Pending the fulfillment of bail conditions, the court ordered Johnson to be remanded at the Nigerian Correctional Centre in Kirikiri, Lagos.
