- Court Dismisses EFCC’s Money Laundering Charges
By Abiola Olawale
The Federal High Court sitting in Lagos has acquitted former Ekiti State Governor Ayodele Fayose of all charges in a ₦6.9 billion fraud and money laundering case brought by the Economic and Financial Crimes Commission (EFCC).
The court, presided over by Justice Chukwujekwu Aneke, upheld Fayose’s no-case submission, citing the prosecution’s failure to establish a prima facie case against him.
Fayose, alongside his company Spotless Investment Limited, faced an 11-count charge of money laundering and theft, with allegations dating back to his tenure as Ekiti State Governor.
The EFCC claimed Fayose received ₦1.2 billion to fund his 2014 gubernatorial campaign and $5 million in cash from former Minister of State for Defence, Senator Musiliu Obanikoro, bypassing financial institutions.
Additionally, the anti-graft agency alleged Fayose laundered over ₦1.6 billion to acquire properties in Lagos and Abuja through proxies and companies like De Privateer Ltd and Still Earth Ltd, violating the Money Laundering (Prohibition) Act, 2011.
The case, which began in 2018 under Justice Mojisola Olatoregun, was reassigned to Justice Aneke following a petition by the EFCC in 2019.
After nearly seven years of legal proceedings, Fayose’s defense team, led by Chief Kanu Agabi (SAN), argued that the EFCC’s evidence was speculative and insufficient.
They highlighted that Abiodun Agbele, a key figure in the alleged transactions, was not charged alongside Fayose, weakening the prosecution’s case.
Additionally, testimony from Obanikoro, a key prosecution witness, confirmed no direct communication between Fayose and former National Security Adviser Sambo Dasuki, further undermining the EFCC’s claims.
In its judgment delivered on July 16, 2025, the court ruled that the EFCC failed to provide credible evidence to substantiate the charges.
Justice Aneke noted that the prosecution’s witnesses and documents did not establish a link between Fayose and the alleged money laundering activities.
The court upheld Fayose’s no-case submission, stating that the evidence was insufficient to warrant further defense, effectively discharging and acquitting the former governor.
