Court Clears Ex-Governor Fayose of ₦6.9 Billion Fraud Charges

• Former Ekiti State governor Ayodele Fayose has been discharged and acquitted by a Federal High Court in Lagos.

• Justice Chukwujekwu Aneke ruled that the EFCC failed to establish a prima facie case.

• Fayose and his company, Spotless Investment Limited, had faced 11 counts of alleged money laundering.

• Key witness testimonies were deemed insufficient and lacked direct links to alleged crimes.

• The court upheld a no-case submission, effectively ending the trial.

A Federal High Court in Lagos has acquitted former Ekiti State governor Ayodele Fayose of all charges relating to an alleged ₦6.9 billion fraud and money laundering case.

Delivering the ruling on Tuesday, Justice Chukwujekwu Aneke upheld the no-case submission filed by Fayose’s legal team, concluding that the Economic and Financial Crimes Commission (EFCC) had failed to present enough evidence to justify a defence.

The EFCC had re-arraigned Fayose and his company, Spotless Investment Limited, on 11 counts tied to claims that he received ₦1.2 billion and $5 million in cash for his 2014 campaign, bypassing banking regulations. Additional accusations involved laundering over ₦1.6 billion through proxy companies such as De Privateer Ltd and Still Earth Ltd to acquire property.

Fayose’s counsel, Kanu Agabi (SAN), argued that the prosecution’s case was weakened by its failure to charge key figure Abiodun Agbele, who allegedly handled the transactions. He also asserted that no credible evidence linked Fayose to the predicate offences.

Counsel for Spotless Investment, Olalekan Ojo, further challenged the credibility of the EFCC’s evidence, particularly questioning testimony from prosecution witness Musiliu Obanikoro, who admitted there was no direct link between Fayose and former National Security Adviser Sambo Dasuki.

In opposition, EFCC prosecutor Rotimi Jacobs insisted Fayose should explain the large cash transactions and questioned why allegedly laundered assets were not acquired in Fayose’s name.

Nonetheless, the court found the prosecution’s case lacking and dismissed all charges against Fayose and his company.