A Federal High Court in Lagos has discharged and acquitted Ayodele Fayose, former Ekiti State governor, of money laundering and fraud charges brought against him by the Economic and Financial Crimes Commission (EFCC).
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke upheld a no-case submission filed by the defence, ruling that the EFCC failed to establish a prima facie case against Fayose that would warrant him entering a defence.
Fayose and his company, Spotless Investment Limited, were re-arraigned by the EFCC on an 11-count charge bordering on money laundering to the tune of N6.9 billion, allegedly committed during his tenure as governor.
According to the EFCC, Fayose took possession of N1.2 billion for his 2014 gubernatorial campaign and received $5 million in cash from Musiliu Obanikoro, former minister of state for defence, in a manner that bypassed financial institutions. He was also accused of laundering various sums, including over N1.6 billion used to acquire properties through proxies and companies such as De Privateer Ltd and Still Earth Ltd, in contravention of the Money Laundering (Prohibition) Act, 2011.
On May 19, Fayose’s lead counsel, Kanu Agabi (SAN), argued that the charges lacked legal grounding and that the EFCC failed to establish any criminal offence.
“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi told the court.
He added that the prosecution’s failure to charge Abiodun Agbele, who was allegedly central to the transactions, significantly weakened the case.
He subsequently urged the court to rule that Fayose had no case to answer.
Olalekan Ojo, counsel to Spotless Investment Limited, also made a no-case submission dated March 21, 2025, and backed by further documentation filed on May 16.
He argued that key prosecution evidence was unreliable, particularly the testimony of Obanikoro, the 13th prosecution witness, who admitted there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser (NSA).
In contrast, EFCC prosecutor Rotimi Jacobs opposed the no-case submissions. He argued that the defence had not sufficiently addressed several “suspicious transactions,” and questioned the legitimacy of the funds allegedly received by Fayose.
Jacobs pointed to testimony by EFCC investigator Abubakar Madaki, who claimed Fayose used associates to buy properties in Lagos, Abuja, and abroad, individuals who later denied ownership, even though Fayose admitted the assets were his.
“If the money was clean, why not buy the properties in his name?” Jacobs asked.
He also highlighted Obanikoro’s testimony that Fayose had specifically requested the funds in cash and had introduced Agbele to collect the money on his behalf. “The defendant must account for these actions,” Jacobs insisted.
Despite the prosecution’s arguments, the court ruled in favour of the defendants, effectively bringing the years-long trial to an end.
(Agency Report)
