By Correspondent in Lagos.
The Economic and Financial Crimes Commission (EFCC) has announced its intention to appeal a court ruling that acquitted former Ekiti State governor, Ayodele Fayose, of money laundering and fraud charges.
Our correspondent recalls that delivering judgment on a no-case submission on Wednesday, Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, on Wednesday, July 16, 2025, held that the prosecution failed to establish a prima facie case against Fayose..
He ruled that the former governor had no case to answer.
Reacting to the verdict, EFCC lead counsel, Rotimi Jacobs (SAN), said the commission would obtain a certified copy of the judgment and immediately begin preparing its grounds for appeal.
Fayose and his company, Spotless Investment Limited, were re-arraigned on an 11-count charge bordering on money laundering involving ₦6.9 billion, allegedly committed during his tenure as 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 former Minister of State for Defence, Musiliu Obanikoro, without going through any financial institution.
The EFCC further accused Fayose of laundering several sums, including using over ₦1.6 billion to acquire properties through proxies and companies such as De Privateer Ltd and Still Earth Ltd., in contravention of the Money Laundering (Prohibition) Act, 2011.
On May 19, Fayose’s counsel, Kanu Agabi (SAN), filed a no-case submission, arguing that the prosecution failed to prove any offence against the former governor. He pointed out that Abiodun Agbele, alleged to have played a central role in the transactions, was never 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 argued, urging the court to dismiss the charges against his client.
Similarly, Olalekan Ojo (SAN), counsel to the second defendant, adopted a separate no-case submission dated March 21, 2025, supported by documents filed on May 16. He questioned the reliability of the prosecution’s evidence — particularly the testimony of Obanikoro, the 13th prosecution witness — who admitted there was no communication between Fayose and former National Security Adviser (NSA), Sambo Dasuki.
In response, Jacobs asked the court to reject the no-case submissions, contending that the defence had failed to explain several suspicious transactions. He questioned why Fayose allegedly avoided using his personal bank accounts if the funds were legitimate.
Jacobs also cited EFCC investigator Abubakar Madaki’s testimony, which alleged that Fayose used associates to acquire properties in Abuja, Lagos, and abroad. While these associates denied ownership, Fayose reportedly admitted the properties were his.
“If the money was clean, why didn’t he buy the properties in his own name?” Jacobs asked.
He further referenced Obanikoro’s testimony that Fayose specifically requested the funds in cash and introduced Agbele to collect the money, arguing that the former governor must be held accountable.
Despite the EFCC’s arguments, the court upheld the no-case submissions filed by both defendants, effectively dismissing the charges.
The EFCC has pledged to challenge the ruling at the Court of Appeal.
