Breaking: Court acquits Fayose of N6.9 billion money laundering charges

By Akin Kuponiyi

In a landmark ruling, the Federal High Court in Ikoyi, Lagos, today discharged former Ekiti State Governor Ayodele Fayose and his company, Spotless Investment Limited, of all charges related to an alleged N6.9 billion fraud and money laundering case.

The decision, delivered by Justice Chukwujekwu Aneke, marks the conclusion of a high-profile legal battle that has spanned nearly seven years, drawing significant attention due to its political and financial implications.

Fayose, who served as Ekiti State Governor from 2003 to 2006 and again from 2014 to 2018, was first arraigned by the Economic and Financial Crimes Commission (EFCC) on October 22, 2018, before Justice Mojisola Olatoregun.

The 11-count charge accused Fayose and Spotless Investment Limited of laundering funds, including N1.219 billion allegedly used to fund his 2014 gubernatorial campaign, and receiving $5 million in cash from then-Minister of State for Defence, Senator Musiliu Obanikoro, without going through a financial institution.

The EFCC further alleged that Fayose used these funds to acquire properties in Lagos and Abuja, actions said to violate the Money Laundering (Prohibition) Act, 2011.

The case, which was later reassigned to Justice Aneke in 2019 following a petition by the EFCC, saw multiple adjournments and a robust prosecution effort, with the EFCC presenting 14 witnesses, including Obanikoro and bank officials, to substantiate claims of illicit financial transactions.

Key evidence included testimonies about cash deliveries via bullion vans and private aircraft, with funds allegedly sourced from the Office of the National Security Adviser (ONSA) under Col. Sambo Dasuki (rtd) for phantom security contracts.

Fayose’s legal team, led by Chief Kanu Agabi, SAN, consistently argued that the prosecution failed to establish a prima facie case.

In a no-case submission filed on May 16, 2025, Agabi contended that the evidence presented was insufficient to warrant a defense, pointing to inconsistencies in witness testimonies and the absence of direct links between Fayose and the alleged crimes.

The defense also highlighted that Abiodun Agbele, a key associate named in the charges, was prosecuted separately, weakening the conspiracy allegations against Fayose.

The court’s ruling, originally scheduled for July 10, 2025, was delayed due to Justice Aneke’s absence, fueling speculation about external pressures to influence the case’s outcome.

In its ruling, the court noted that the EFCC’s evidence, while voluminous, lacked the necessary coherence to establish criminal intent or direct involvement by Fayose in money laundering.

Justice Aneke emphasized that the prosecution’s reliance on circumstantial evidence, particularly regarding the source and use of the funds, did not meet the legal threshold required for conviction.

The court also questioned the credibility of certain witness testimonies, including those related to the alleged property acquisitions, which were registered under third-party names without conclusive proof of Fayose’s ownership.