Seven Years after, Court Clears Fayose Of N6.9bn Money Laundering Charges

Seven Years after, Court Clears Fayose Of N6.9bn Money Laundering Charges

…EFCC To Appeal Fayose’s Acquittal

Seven years after the Economic and Financial Crimes Commission (EFCC) levelled money laundering and fraud charges amounting to ₦6.9 billion against former Ekiti State Governor, Mr. Ayodele Fayose, the Federal High Court in Lagos has delivered its verdict. On Wednesday morning, Justice Chukwujekwu Aneke acquitted and discharged Fayose of all 11 counts.

However, EFCC) has announced plans to appeal the acquittal.

In his ruling, Justice Aneke upheld Fayose’s no-case submission, stating that the EFCC had failed to establish a prima facie case that warranted the former governor’s defence.

The judge also held that the witnesses and documents evidence tendered before the court by the Economic and Financial Crimes Commission (EFCC) were not enough to prove the guilt of the defendant.

The EFCC had accused Fayose of receiving a cash payment of N1.8 billion from former Minister of State for Defence, Senator Musiliu Obanikoro, without utilising a financial institution, an amount that exceeded the legally permitted limit. Additionally, the EFCC claimed that Fayose retained amounts totalling N300million in his Zenith Bank account and took control of an aggregate sum of about N622 million, which he should have recognised as proceeds of crime.

Fayose was also accused of directing De Privateer Ltd and Still Earth Ltd to hold cumulative amounts totalling N851 million in their Zenith and FCMB accounts, which they were expected to have acknowledge as proceeds of crime. Furthermore, he allegedly used approximately N1.6 billion to acquire properties in Lagos and Abuja, knowing they were part of the proceeds of crime.

He was also accused of using N200 million to purchase a property in Abuja under the name of his elder sister, Moji Oladeji, which he should have identified as unlawful proceeds.

The alleged offences violate multiple provisions of the Money Laundering Prohibition Act of 2011.

In a statement issued shortly after the judgment via its official Facebook Page, the EFCC said it was already studying the court’s decision and has begun preparations to file an appeal.

“The Commission wishes to state that it is already studying the ruling and preparing for an appeal,” the EFCC said.

Reaffirming its commitment to due process, the agency emphasized that it remains committed to the rule of law and would take all necessary legal steps to challenge the acquittal.

“The EFCC reaffirms its commitment to the rule of law as it briefs its counsel to appeal the judgment,” the statement added.

Fayose, who served as Ekiti State governor from 2003 to 2007 and again from 2014 to 2018, had consistently denied any wrongdoing in the case. The Wednesday judgment marks a significant turn in a legal battle that has spanned over six years.