The Federal High Court in Lagos has discharged and acquitted former Ekiti State Governor Ayodele Fayose of all charges bordering on alleged ₦6.9 billion money laundering and theft, ruling that the Economic and Financial Crimes Commission (EFCC) failed to prove any link between the former governor and the alleged financial crimes.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke upheld Fayose’s no-case submission, declaring that the prosecution failed to establish a prima facie case that would warrant the former governor entering a defence.
“The prosecution has not satisfactorily linked the defendant to the alleged offences,” Justice Aneke said, adding that the evidence presented by the EFCC lacked the substance required to support the charges brought before the court.
Fayose was initially arraigned in October 2018 before Justice Mojisola Olatoregun but the case was later transferred to Justice Aneke following an EFCC application.
The charges—filed alongside Spotless Investment Limited, Fayose’s company—accused the former governor of receiving ₦1.2 billion and $5 million in cash from former Minister of State for Defence, Musiliu Obanikoro, during his 2014 gubernatorial campaign.
The funds, allegedly linked to the Office of the National Security Adviser, were said to have been disbursed without passing through financial institutions.
The EFCC also claimed that Fayose laundered additional sums and used over ₦1.6 billion to acquire properties via proxies and front companies, including De Privateer Ltd and Still Earth Ltd, in contravention of the Money Laundering (Prohibition) Act, 2011.
But in a strategic legal move, Chief Kanu Agabi (SAN), counsel to Fayose, filed a no-case submission dated July 16, 2024, arguing that the EFCC’s case lacked merit.
He noted that key witnesses and co-conspirators, such as Abiodun Agbele, were neither jointly tried nor adequately linked in the case, thereby undermining the integrity of the prosecution’s narrative.
“With due respect, the predicate offences on which these charges are based do not hold water,” Agabi told the court. “You cannot accuse someone of conspiracy without naming a co-conspirator in the dock.”
Justice Aneke concurred with the defence’s argument, ruling that the prosecution failed to present sufficient evidence to proceed to trial, effectively ending the case.
Meanwhile, the EFCC, represented by Rotimi Jacobs (SAN), had opposed the application, insisting there was enough circumstantial evidence to compel the defendant to open his defence. However, the court disagreed.
The verdict marks a significant legal and political victory for Fayose, a vocal critic of the ruling establishment and a prominent figure in the opposition Peoples Democratic Party (PDP). Fayose, who had consistently maintained his innocence, had earlier described the charges as politically motivated.
