Alleged N6.9bn fraud: Court frees ex-Gov Fayose

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, on Wednesday set free the former governor of Ekiti State, Ayodele Fayose, over alleged money laundering and theft amounting to ₦6.9 billion.

The judge arrived at the decision after upholding the no-case submission filed by the former Ekiti State helmsman.

It will be recalled that the judge had, on May 20, 2025, reserved ruling on the no-case submission filed by the former governor after entertaining arguments from Chief Kanu Agabi (SAN), counsel to Fayose (the 1st defendant); Olalekan Ojo (SAN), representing the 2nd defendant (Spotless Investment Limited); and Rotimi Jacobs (SAN), counsel to the Economic and Financial Crimes Commission (EFCC).

Fayose and his company were re-arraigned by the EFCC on an 11-count charge bordering on money laundering and theft.

According to the anti-graft agency, 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.

Adopting his client’s no-case submission dated July 16, 2025, Chief Agabi (SAN) argued that the prosecution failed to establish a prima facie case.

The SAN noted that Abiodun Agbele, 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.

Chief Agabi (SAN) urged the court to hold that Fayose has no case to answer.

On his part, counsel for the 2nd defendant, Olalekan Ojo (SAN), who adopted a no-case submission dated March 21, 2025, and supporting documents filed on May 16, argued that key prosecution evidence was discredited, particularly that of the 13th prosecution witness, former Minister of State for Defence, Senator Musiliu Obanikoro, who testified that there was no communication between Fayose and the then NSA, Col. Sambo Dasuki.

In response, EFCC counsel Rotimi Jacobs (SAN) prayed the court to dismiss the no-case submissions.

He adopted the prosecution’s counter-affidavit and written address dated May 8, 2025, arguing that the defence failed to explain the suspicious transactions.

The anti-graft agency questioned why Fayose would not offer his account for transfers if the funds from the NSA were legitimate.

Jacobs recalled testimony from EFCC investigator Abubakar Madaki, who told the court that Fayose used associates to acquire multiple properties in Abuja, Lagos, and abroad. These individuals later denied ownership, while Fayose claimed them in his statement.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

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He also referenced Obanikoro’s testimony that Fayose requested the funds in cash and introduced Agbele to facilitate the handover, stressing that the defendant has questions to answer.

But in his verdict, Justice Aneke, who upheld Fayose’s no-case application, declared that the EFCC failed to establish a prima facie case against the former governor.

The judge also held that the commission was unable to present any concrete evidence to link Fayose to the alleged crime.

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.

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