Court frees Fayose, rules that EFCC failed to link him to money laundering

A Federal High Court in Lagos on Tuesday morning, July 15, discharged and acquitted former Ekiti State Governor, Mr. Ayodele Fayose, of all charges in his long-standing money laundering case brought against him by the Economic and Financial Crimes Commission (EFCC).

The court upheld Fayose’s no-case submission, effectively ruling that the prosecution failed to establish a prima facie case against him to warrant further defence.

Fayose had been standing trial on allegations bordering on money laundering and fraud during his tenure as governor.

On May 20, the court had reserved its decision after hearing arguments from counsel to Fayose (the 1st defendant) Senior Advocate of Nigeria, Chief Kanu Agabi, Senior Advocate of Nigeria,Olalekan Ojo, representing the 2nd defendant (Spotless Investment Limited); and Senior Advocate of Nigeria, Rotimi Jacobs, who represented the Economic and Financial Crimes Commission (EFCC).

Fayose was initially arraigned in 2018 before Justice Mojisola Olatoregun, but the EFCC later secured a transfer of the case to Justice Aneke.

According to the charge, Fayose allegedly took possession of ₦1.2 billion for his 2014 gubernatorial campaign and received $5 million in cash from Obanikoro, bypassing financial institutions.

He was also accused of laundering various sums, retaining and using over ₦1.6 billion to acquire properties through proxies and companies such as De Privateer Ltd and Still Earth Ltd., in violation of several provisions of the Money Laundering (Prohibition) Act, 2011.

Fayose and his company, Spotless Investment Ltd were re-arraigned before Justice Aneke on an 11-count charge bordering on money laundering and theft.

The alleged offences took place during Fayose’s tenure as governor and involved funds allegedly linked to the office of the former National Security Adviser.

Chief Agabi, adopting his client’s no-case submission dated July 16, 2024, argued that the prosecution failed to establish a prima facie case.

He noted that Abiodun Agbele, who was allegedly involved in the offences, was not jointly tried, weakening the prosecution’s case.

“With due respect, the predicate offences on which these charges are based do not hold water. Criminal breach of trust and conspiracy are distinct, and no co-conspirator was charged alongside the defendant,” Agabi submitted.

He urged the court to hold that Fayose has no case to answer.

After years of legal proceedings, the court found that the evidence presented by the EFCC was insufficient to sustain the charges.