The Federal High Court in Lagos has discharged and acquitted former Ekiti State Governor Ayodele Fayose of alleged ₦6.9 billion money laundering and theft, bringing an end to a legal battle that lasted over seven years.
Delivering judgment on Wednesday, Justice Chukwujekwu Aneke upheld Fayose’s no-case submission, ruling that the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case against him.
“The prosecution failed to link the defendant to the alleged offences. The evidence presented, including witness testimonies and documents, was insufficient and unreliable,” the judge held.
Justice Aneke further ruled that the predicate offences on which the charges were based lacked substance. He emphasized that key allegations such as criminal breach of trust and conspiracy required the presence of co-conspirators, none of whom were charged alongside Fayose.
Fayose was initially arraigned in 2018 on an 11-count charge alongside his company, Spotless Investment Ltd, for allegedly receiving ₦1.2 billion and $5 million in cash from Senator Musiliu Obanikoro during his 2014 gubernatorial campaign, allegedly bypassing financial institutions. He was also accused of using laundered funds to acquire properties through proxies and companies such as De Privateer Ltd and Still Earth Ltd.
However, Justice Aneke found the prosecution’s case deeply flawed. He stated that no credible link was established between Fayose and the funds. Witnesses, including Obanikoro, lacked credibility and documentation to support their claims. Statements from bank officials did not prove the alleged transactions. The alleged offences, the court concluded, were not proven beyond a reasonable doubt.
On the count of failure to declare access, the court ruled it was inapplicable as Fayose was a private citizen at the time of his arraignment.
Overcome with emotion after the verdict, Fayose knelt on the ground outside the courtroom, tearfully thanking God and expressing appreciation to his legal team. “After seven years, God has finally lifted this burden,” he said.
His lead counsel, Chief Kanu Agabi (SAN), argued during the hearing that the prosecution’s failure to jointly charge Abiodun Agbele, a key figure allegedly involved, significantly weakened their case. “With due respect, the predicate offences do not hold water. No co-conspirator was charged. The charges must fall,” Agabi said in court.
Justice Aneke concluded by stating “The no-case submission succeeds. The first and second defendants are hereby discharged.”
