The Federal High Court in Lagos has discharged and acquitted former Ekiti State Governor Ayodele Fayose in the ₦6.9 billion money laundering trial brought against him by the Economic and Financial Crimes Commission (EFCC).
Delivering judgment, Justice Chukwujekwu Aneke upheld Fayose’s no-case submission, ruling that the EFCC failed to establish a credible link between the former governor and the alleged financial crimes. The court held that the prosecution did not present sufficient evidence to support a prima facie case requiring the defendant to enter a defence.
The judgment followed arguments presented on May 20 by Fayose’s lead counsel, Chief Kanu Agabi (SAN); Olalekan Ojo (SAN) representing the second defendant, Spotless Investment Limited; and EFCC’s lead counsel, Rotimi Jacobs (SAN).
Fayose and his company were re-arraigned before Justice Aneke on an 11-count charge bordering on conspiracy, money laundering, and theft. The case had initially commenced in 2018 before Justice Mojisola Olatoregun but was reassigned to Justice Aneke after a court transfer request by the EFCC.
According to the EFCC, Fayose allegedly received ₦1.2 billion and $5 million in cash from the former Minister of State for Defence, Musiliu Obanikoro, for his 2014 election campaign—circumventing financial regulations. He was also accused of using over ₦1.6 billion to acquire properties through proxy firms, including De Privateer Ltd and Still Earth Ltd.
Chief Agabi argued that the EFCC failed to present compelling evidence linking Fayose to the alleged crimes, particularly as a key figure, Abiodun Agbele, was not jointly tried in the matter. He maintained that without proof of conspiracy or criminal breach of trust, the charges could not stand.
Justice Aneke agreed with the defence, ruling that the prosecution had not proven its case beyond reasonable doubt. With that, Fayose was formally discharged, bringing an end to the high-profile trial.
