A Federal High Court in Ikoyi, Lagos, on Wednesday discharged and acquitted former Ekiti State Governor, Ayodele Fayose, of alleged money laundering and theft involving ₦6.9 billion, bringing an end to a protracted legal battle with the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke ruled in favour of a no-case submission filed by Fayose and his co-defendant, Spotless Investment Limited, declaring that the EFCC failed to establish a prima facie case against the former governor.
Fayose was initially arraigned in 2018 before Justice Mojisola Olatoregun but the case was later reassigned to Justice Aneke following a transfer request by the EFCC.
The anti-graft agency had re-arraigned Fayose and his company on an 11-count charge bordering on money laundering, stealing, and criminal breach of trust.
According to the EFCC, the alleged offences occurred during Fayose’s tenure as governor and were linked to funds purportedly released from the office of the former National Security Adviser, Colonel Sambo Dasuki (rtd).
Delivering judgment, Justice Aneke held that the prosecution failed to present convincing evidence connecting Fayose directly to the alleged financial crimes.
He emphasised that the EFCC was unable to demonstrate any credible link between the former governor and the diverted funds.
The ruling followed arguments from Fayose’s lead counsel, Chief Kanu Agabi (SAN), who maintained that the EFCC had not presented a case worthy of defence.
He pointed out that Abiodun Agbele, a key figure alleged to have participated in the transactions, was not jointly charged with the defendants, thereby weakening the conspiracy claim.
“The predicate offences do not hold water. No co-conspirator was charged alongside Fayose. The prosecution has failed to establish a foundation for the allegations,” Agabi stated.
Olalekan Ojo (SAN), counsel to the second defendant, also adopted a no-case submission dated March 21, 2025, arguing that major prosecution testimonies, especially that of the 13th witness, Senator Musiliu Obanikoro, were discredited during cross-examination.
Obanikoro had admitted that there was no direct communication between Fayose and Dasuki regarding the funds in question.
Opposing the submissions, EFCC counsel, Rotimi Jacobs (SAN), urged the court to dismiss the applications, arguing that the defendants failed to explain suspicious financial transactions.
He cited testimony from EFCC investigator, Abubakar Madaki, who claimed Fayose used associates and companies such as De Privateer Ltd and Still Earth Ltd. to acquire choice properties in Nigeria and abroad.
“If the money was clean, why not acquire the properties in his name?” Jacobs queried, also highlighting that Obanikoro testified that Fayose requested the funds in cash and personally introduced Agbele to facilitate the transactions.
However, Justice Aneke ruled that these claims did not constitute sufficient evidence to compel the defendants to open their defence, stating, “There is no concrete proof linking the accused to the alleged crimes.”
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