A Federal High Court sitting in Lagos on Wednesday discharged and acquitted former Ekiti State Governor, Ayodele Fayose, of all allegations of fraud and money laundering brought against him by the Economic and Financial Crimes Commission (EFCC).
In his ruling, Justice Chukwujekwu Aneke upheld a no-case submission filed by the defence, declaring that the prosecution failed to establish a prima facie case warranting Fayose to enter a defence.
“The prosecution has not made out a case sufficient enough to require the defendants to enter any defence,” Justice Aneke ruled. “Accordingly, both defendants are hereby discharged and acquitted.”
Grassroots Parrot recalls that Fayose, alongside his company Spotless Investment Limited, had been re-arraigned by the EFCC on an 11-count charge bordering on money laundering to the tune of ₦6.9 billion — allegedly committed during his tenure as governor.
According to the charge, Fayose was accused of receiving ₦1.2 billion in cash for his 2014 election campaign and $5 million from former Minister of State for Defence, Musiliu Obanikoro, allegedly circumventing financial regulations.
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The EFCC also alleged that he laundered large sums of money through companies and proxies — including De Privateer Ltd and Still Earth Ltd — using over ₦1.6 billion to acquire high-value properties in Nigeria and abroad.
Defense Pokes Holes in EFCC’s Case
While adopting a no-case submission on May 19, Fayose’s counsel, Kanu Agabi (SAN), argued that the EFCC’s case lacked substance and failed to link his client directly to the alleged crimes.
“The prosecution has not proven its case. No co-conspirator was charged, and key evidence lacks credibility,” Agabi said.
“Criminal breach of trust and conspiracy are separate offences, yet no one was charged alongside my client.”
Agabi also cited the absence of Abiodun Agbele, a key figure in the alleged transactions, as a critical gap in the EFCC’s case. Olalekan Ojo, counsel for the second defendant (Spotless Investment Ltd.), adopted a separate no-case submission, arguing that the prosecution’s witnesses lacked credibility — particularly Obanikoro, who confirmed there was no communication between Fayose and former NSA Sambo Dasuki.
EFCC Insists Suspicion Remains
In response, EFCC prosecutor Rotimi Jacobs (SAN) urged the court to dismiss the no-case applications, insisting there were unanswered questions surrounding the transactions.
“Why would someone with legitimate funds use third parties and avoid using their own bank account? If the money was clean, why the need to disguise ownership of the properties?” Jacobs asked.
“Obanikoro testified that Fayose specifically requested cash and introduced Agbele to take delivery of the funds. He must account for that.”
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Jacobs also referenced the testimony of EFCC investigator Abubakar Madaki, who said Fayose used associates to buy properties, all of whom later denied ownership — though Fayose later admitted to owning them.
Despite the arguments, the court found the prosecution’s case insufficient and ruled in favour of the defense.
With this ruling, Fayose walks free after years of legal battles, marking a significant moment in one of Nigeria’s longest-running political corruption cases.
