After about seven years of legal arguments, the Federal High Court in Lagos has discharged and acquitted former Ekiti State Governor Ayodele Fayose of all charges in a high-profile case of alleged N6.9 billion money laundering.
Delivering his ruling on Tuesday, Justice Chukwujekwu Aneke upheld a no-case submission filed by Fayose’s legal team and held that the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case against Fayose.
This is just as the EFCC has vowed to to appeal again the verdict on the grounds that the verdict is a miscarriage of justice. Discharging Fayose, Justice Aneke said, “The prosecution failed to present credible evidence linking the defendant (Fayose) to the alleged crimes.”
Fayose and his company, Spotless Investment Limited, were re-arraigned by the EFCC on an 11-count charge, following their alleged involvement in fraud and money laundering allegedly committed during his tenure as governor.
According to the EFCC, Fayose received ₦1.2 billion and $5 million in cash through former Minister of State for Defence, Senator Musiliu Obanikoro for his 2014 gubernatorial campaign, circumventing financial institutions.
The commission also accused him of laundering over ₦1.6 billion to acquire properties through fronts like De Privateer Ltd and Still Earth Ltd, in breach of the Money Laundering Prohibition Act, 2011.
Arguing Fayose’s no-case submission, his lawyer, Kanu Agabi (SAN), noted that the prosecution’s case was riddled with inconsistencies.
Agabi, a former Attorney General of the Federation (AGF) and Minister of Justice, pointed out that Abiodun Agbele, who allegedly played a central role in collecting and disbursing the funds, was not charged, weakening the conspiracy charge.
“With no co-conspirator charged and key testimonies uncorroborated, the predicate offences simply do not hold water,” Agabi argued. Similarly, the lawyer to Spotless Investment Ltd, Olalekan Ojo (SAN), criticized the EFCC’s reliance on witness testimonies that lacked clarity and credibility.
Notably, he faulted the testimony of Obanikoro—who admitted there was no direct communication between Fayose and former NSA Sambo Dasuki—as unreliable. In a last-ditch effort, the prosecuting EFCC lawyer, Rotimi Jacobs (SAN) urged the court to dismiss the no-case submission, questioning the use of proxies and the absence of transparent financial records.
“If the money was legitimate, why didn’t Fayose buy properties in his name or use his own bank account?” Jacobs queried. The EFCC investigator, Abubakar Madaki, also testified that Fayose used surrogates to conceal his ownership of properties in Abuja, Lagos, and overseas.
But the court was not persuaded. The judge concluded that the EFCC’s evidence was insufficient and speculative, and that the burden of proof had not been met. Meanwhile, the EFCC has disclosed that it is studying the ruling and preparing to challenge the verdict as the Court of Appeal.
Speaking in a statement made available on Wednesday by its Head of Media and Publicity, Dele Oyewale, the EFCC “reaffirms its commitment to the rule of law as it briefs its lawyer to appeal the verdict .”
