A Federal High Court in Lagos has acquitted former Ekiti State Governor, Ayodele Fayose, of charges involving ₦6.9 billion in alleged money laundering and theft.
Delivering the ruling, Justice Chukwujekwu Aneke upheld the no-case submission presented by Fayose’s legal team, stating that the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case or directly link the ex-governor to the offences.
Initially arraigned in 2018 before Justice Mojisola Olatoregun, the case was later reassigned to Justice Aneke at the EFCC’s request. The commission had accused Fayose of illegally receiving ₦1.2 billion for his 2014 campaign and taking a \$5 million cash payment from then Minister of State for Defence, Musiliu Obanikoro, outside legal banking channels.
The EFCC further alleged that Fayose laundered large sums, including ₦1.6 billion, through companies such as De Privateer Ltd and Still Earth Ltd to purchase properties. He and his firm, Spotless Investment Ltd, were re-arraigned on 11 counts of money laundering and theft.
However, during Wednesday’s hearing, Fayose’s counsel, Chief Kanu Agabi (SAN), argued that the prosecution failed to prove the accusations. He also highlighted that Abiodun Agbele, the individual allegedly central to the transactions, was never charged alongside Fayose.
Agabi contended that the foundational offences on which the EFCC’s charges relied lacked merit and that no co-conspirator was brought before the court.
Agreeing with the defence, Justice Aneke discharged Fayose, effectively ending the trial.
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