Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, on Wednesday discharged and acquitted former Ekiti State Governor Ayodele Fayose of all charges bordering on alleged money laundering and theft amounting to ₦6.9 billion.
The court’s decision followed the judge’s ruling in favour of Fayose’s no‑case submission, bringing to an end a long‑running legal battle.
It will be recalled that on May 20, 2025, Justice Aneke had reserved ruling on the no‑case submission after hearing arguments from Chief Kanu Agabi (SAN), counsel to Fayose (the 1st defendant); Olalekan Ojo (SAN), counsel to the 2nd defendant, Spotless Investment Limited; and Rotimi Jacobs (SAN), representing the Economic and Financial Crimes Commission (EFCC).
Fayose and his company had been re‑arraigned on an 11‑count charge of money laundering and theft, offences the EFCC alleged took place during his tenure as governor and involved funds linked to the office of the former National Security Adviser.
Adopting the no‑case submission dated July 16, 2025, Chief Agabi argued that the prosecution “failed to establish a prima facie case.” He told the court:
“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.”
He further noted that Abiodun Agbele, allegedly involved in the offences, was not jointly tried, which he said weakened the prosecution’s case. Agabi urged the court to hold that Fayose had no case to answer.
Counsel for the 2nd defendant, Olalekan Ojo (SAN), also adopted a no‑case submission dated March 21, 2025, pointing out that key evidence by prosecution witnesses had been discredited. He highlighted the testimony of the 13th prosecution witness, former Minister of State for Defence Senator Musiliu Obanikoro, who admitted there was no communication between Fayose and the then NSA, Col. Sambo Dasuki.
However, EFCC counsel Rotimi Jacobs (SAN) urged the court to dismiss the no‑case submissions. Adopting the commission’s counter‑affidavit and written address dated May 8, 2025, Jacobs argued that the defence failed to explain several suspicious transactions.
Jacobs recalled evidence from EFCC investigator Abubakar Madaki, who told the court Fayose used associates to acquire multiple properties in Abuja, Lagos, and abroad—properties those associates later denied owning, but which Fayose claimed in his statements.
“If the money was clean, why not buy the properties in his name?” Jacobs asked.
Jacobs also cited Obanikoro’s testimony that Fayose requested funds in cash and introduced Agbele to facilitate the handover, stressing that “the defendant has questions to answer.”
Delivering his verdict, Justice Aneke ruled that the EFCC failed to establish any prima facie case against Fayose and could not provide concrete evidence linking him to the alleged crimes.
According to the original charges, Fayose was accused of taking possession of ₦1.2 billion for his 2014 gubernatorial campaign, receiving $5 million in cash from Obanikoro outside financial channels, and laundering over ₦1.6 billion to acquire properties through proxies and companies such as De Privateer Ltd and Still Earth Ltd., in violation of the Money Laundering (Prohibition) Act, 2011.
With Wednesday’s judgment, the former governor walks free after years of legal battles, as the court upheld his no‑case submission and struck out all charges against him.
