On Wednesday, May 28, 2025, the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) arraigned Oluwaseyi Hevleen Johnson and her company, XY Connects Global Investments Limited, before Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos.
They face a two-count charge for operating collective investment schemes without obtaining the necessary licenses from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), in violation of Section 57 of the Banks and Other Financial Institutions Act 2020.
Specifically, the prosecution alleges that in 2022, Johnson and XY Connects Global failed to secure a valid CBN license to conduct investment management activities with Solomon Okedara.
The defendant pleaded not guilty to the charges.
Prosecution counsel, Abdulhamid L. Tukur, requested a trial date. In contrast, the defense counsel submitted a bail application, emphasizing that Johnson is a first-time offender and a single mother with minor children aged 16 and 9. The defense also stated that Johnson has begun restituting funds to the petitioner.
Justice Dipeolu granted bail but noted that the bail application did not present sufficient genuine reasons for its approval.