Former Governor AYODELE FAYOSE acquitted of money laundering charges

Wednesday, July 16, 2025 - Former Governor of Ekiti State, Ayodele Fayose, was today discharged of money laundering charges by the Federal high court in Lagos.

He was discharged on the ground that the prosecutor failed to prove his case beyond a reasonable doubt.

The court held that the EFCC had not been able to link Fayose to the crime, nor was a prima facie case made against him to warrant further defence.

On May 20, the court reserved its decision after hearing arguments from counsel to Fayose (the 1st defendant) Senior Advocate of Nigeria, Chief Kanu Agabi, Senior Advocate of Nigeria,Olalekan Ojo, representing the 2nd defendant (Spotless Investment Limited); and Senior Advocate of Nigeria, Rotimi Jacobs, who represented the Economic and Financial Crimes Commission (EFCC).

Fayose was initially arraigned in 2018 before Justice Mojisola Olatoregun, but the EFCC later secured a transfer of the case to Justice Aneke.

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.

Fayose and his company, Spotless Investment Ltd were re-arraigned before Justice Aneke on an 11-count charge bordering on money laundering and theft.

The alleged offences took place during Fayose’s tenure as governor and involved funds allegedly linked to the office of the former National Security Adviser.

Chief Agabi, adopting his client’s no-case submission dated July 16, 2024, argued that the prosecution failed to establish a prima facie case.
He noted that Abiodun Agbele, who was allegedly involved in the offences, was not jointly tried, weakening the prosecution’s case.

“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,” Agabi submitted.

He urged the court to hold that Fayose has no case to answer.