The Economic and Financial Crimes Commission (EFCC) in Lagos arraigned Oluwaseyi Hevleen Johnson and her company, XY Connects Global Investments Limited, on May 28, 2025. The charges accuse them of running investment schemes without the required licenses from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC). According to court documents, Johnson and her company operated investment management activities in 2022 without proper authorization, violating the Banks and Other Financial Institutions Act of 2020.
Johnson pleaded not guilty to the two-count charge when it was read in the Federal High Court in Ikoyi, Lagos. The prosecution requested a trial date, while the defense filed for bail, emphasizing that Johnson is a first-time offender and a single mother caring for three children aged between 9 and 16. The defense also mentioned that Johnson has started returning the funds involved.
Justice D.I. Dipeolu granted bail set at one million naira, with a surety of the same amount who must prove three years of tax payment. The judge noted the bail application lacked strong reasons but allowed bail in the interest of justice. The trial is scheduled to begin on June 27, 2025. Until then, Johnson will remain in Kirikiri Correctional Centre until she meets bail conditions.
