Tuesday, March, 17 2026 - A Federal High Court in Lagos on Monday struck out an alleged N20bn money laundering charge filed against a retired company director, Taiwo Ibitola, and her firm, Lexhan Investment Ltd.
Justice Akintoye Aluko struck out the charge following an
application by the police to withdraw the case.
The defendants had been charged with four counts bordering
on conspiracy, fraud, conversion and retention of proceeds of crime, preferred
against them by the police.
When the case first came up on November 13, 2025, for the
defendants’ arraignment, proceedings were stalled due to the absence of both
the prosecutor and the defendants.
The court subsequently adjourned the matter to December 16,
2025, for arraignment.
However, the court did not sit on that date, leading to a
further adjournment until March 16, 2026, for the defendants to take their
plea.
At Monday’s proceedings, the prosecutor, M.Y. Bello,
informed the court that the prosecution had filed an application dated February
26, 2026, seeking to withdraw the charges against the defendants.
Bello told the court, “The prosecution has filed an
application dated February 26, 2026, seeking to withdraw the charge against the
defendants. The withdrawal is in the interest of justice.”
He urged the court to discharge the defendants while
allowing the prosecution the liberty to revisit the matter if necessary.
Counsel for the defendants, Prof Taiwo Osipitan (SAN), did
not oppose the application but urged the court to dismiss the case outright to
prevent the prosecution from reopening it in the future.
Citing Section 108(3) of the Administration of Criminal
Justice Act, Osipitan argued that the court had the discretion to acquit the
defendants.
“Where a prosecutor withdraws a case before the defendant is
called upon to enter a defence, the court has the discretion to acquit the
defendant if satisfied that such an order is appropriate,” he said.
Osipitan further contended that the alleged offences
predated the enactment of the Money Laundering (Prevention and Prohibition)
Act, 2022.
“The defendants cannot be charged under a law that was not
in existence at the time the alleged acts were committed,” he argued.
He also told the court that the dispute was that of family
inheritance and property rights rather than criminal conduct.
“This matter involves family inheritance and property
rights, not criminal wrongdoing,” Osipitan added.
In his ruling, Justice Aluko held that since the defendants
had never appeared before the court and trial had not commenced, the
appropriate order was to strike out the charge.
“The defendants have never appeared before the court. Upon
the notice of withdrawal dated February 26, 2026, this charge is hereby struck
out, and the defendants are discharged,” the judge ruled.
According to the charge marked FHC/L/781/C/2025, the police
had alleged that Ibitola, her company and others now at large conspired on or
before March 5, 2024, in Lagos, to fraudulently convert shares and proceeds of
assets bequeathed to Mrs Idowu Ashiru and others by their late father.
The allegedly converted assets and proceeds were said to be
worth N20bn.
The police further alleged that while serving as a director
at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, a firm
she allegedly incorporated to manage her late father’s estate, Ibitola
fraudulently converted the shares and assets to her personal use with the
intent to permanently deprive the rightful beneficiaries.
The prosecution said the alleged offences contravened
Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022,
punishable under Section 18(3) of the same Act, as well as Section 383(2)(b) of
the Criminal Code Act, Cap C38, punishable under Section 390.
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