A Federal High Court in Lagos has acquitted former Ekiti State Governor, Ayodele Fayose, of all charges related to alleged money laundering and theft amounting to ₦6.9 billion.
Delivering judgment, Justice Chukwujekwu Aneke ruled in favor of a no-case submission filed by Fayose’s legal team, stating that the Economic and Financial Crimes Commission (EFCC) had not provided sufficient evidence to justify asking the defendant to enter a defence. The court found that the prosecution failed to establish any direct link between Fayose and the alleged offences.
The EFCC initially arraigned Fayose in 2018 before Justice Mojisola Olatoregun, but the matter was later reassigned to Justice Aneke following administrative changes.
According to the prosecution, Fayose allegedly received ₦1.2 billion during his 2014 campaign for governor and was also accused of accepting $5 million in cash from then-Minister of State for Defence, Musiliu Obanikoro—transactions said to have bypassed official financial procedures.
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Additional accusations included the laundering of over ₦1.6 billion, purportedly funneled through companies such as De Privateer Ltd and Still Earth Ltd, for the acquisition of properties. Fayose and his company, Spotless Investment Ltd, faced an 11-count charge relating to these financial transactions.
The funds in question were believed to have ties to the Office of the National Security Adviser at the time the alleged crimes occurred.
During Wednesday’s proceedings, Fayose’s counsel, Chief Kanu Agabi (SAN), maintained that the EFCC failed to substantiate its claims and pointed out inconsistencies, including the absence of co-accused individuals such as Abiodun Agbele, who was reportedly involved in the transactions.
“The offences cited—criminal breach of trust and conspiracy—require the presence of co-conspirators, yet none were charged alongside the defendant,” Agabi argued.
The court concurred and discharged Fayose from all charges, bringing the long-running trial to a close.
