The Economic and Financial Crimes Commission (EFCC) it will appeal a ruling acquitting Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud allegations.
Ruling on a no-case submission on Wednesday, Chukwujekwu
Aneke, the presiding judge, held that the prosecution failed to establish a
prima facie case against Fayose to warrant further defence.
Following the verdict, Rotimi Jacobs, the EFCC counsel,
noted that the prosecution will make an effort to obtain the certified copy of
the judgment and prepare grounds for an appeal.
The EFCC re-arraigned Fayose and his company, Spotless
Investment Limited, on an 11-count charge of money laundering to the tune of
N6.9 billion allegedly committed when he was governor.
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.
While making a no-case submission on May 19, Kanu Agabi,
counsel to the former governor, argued that the prosecution failed to establish
a prima facie case against Fayose.
He noted that Abiodun Agbele, who allegedly played a central
role in the transactions, was not charged alongside Fayose, weakening the
EFCC’s case.
“With due respect, the predicate offences do not hold water.
Criminal breach of trust and conspiracy are distinct offences, and no
co-conspirator was charged,” Agabi submitted.
He prayed the court to rule that Fayose has no case to
answer.
Olalekan Ojo, counsel to the second defendant, adopted a
separate no-case submission dated March 21, 2025, supported by documents filed
on May 16.
The lawyer argued that key prosecution evidence was
unreliable, especially the testimony of Obanikoro, the 13th prosecution
witness, who confirmed there was no communication between Fayose and Sambo
Dasuki, the former national security adviser (NSA).
However, Jacobs asked the court to dismiss the no-case
submissions, arguing that the defence failed to justify several suspicious
transactions.
Jacobs questioned why Fayose would not use his personal bank
account for transfers if the funds from the NSA were legitimate.
He cited testimony from Abubakar Madaki, an EFCC
investigator, who said Fayose used associates to acquire properties in Abuja,
Lagos, and abroad — individuals who
later denied ownership, even though Fayose admitted the properties were his.
“If the money was clean, why not buy the properties in his
name?” Jacobs asked.
He also cited Obanikoro’s testimony that Fayose requested
the funds in cash and introduced Agbele to collect the money, insisting the
defendant must account for these actions.
However, the court upheld the no-case application filed by
the defendants.
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