KEY POINTS

• Justice Chukwujekwu Aneke ruled that the EFCC failed to establish a prima facie case against Ayodele Fayose.

• The testimonies of key witnesses, including Obanikoro, were found insufficient to link Fayose to the alleged crimes.

• Fayose and his company, Spotless Investment Ltd, have been acquitted of all 11 money laundering and theft charges.

Former Ekiti State Governor Ayodele Fayose has been acquitted of all charges in the ₦6.9 billion fraud and money laundering case brought against him by Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC).

On Wednesday, July 16, 2025, Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, delivered a decisive verdict, stating that the EFCC failed to establish a prima facie case against the former governor. The ruling effectively ends a legal battle that has lasted nearly seven years, with Fayose first arraigned in 2018.

Fayose was re-arraigned alongside his company, Spotless Investment Limited, on an 11-count charge. The EFCC alleged that the offences took place during his tenure as governor and involved funds linked to the former National Security Adviser (NSA), Colonel Sambo Dasuki (rtd).

EFCC counsel Rotimi Jacobs (SAN) maintained that Fayose laundered funds received from the NSA’s office, purchasing real estate in Abuja, Lagos, and overseas through proxies. Jacobs said these properties were later claimed by Fayose himself during interrogation.

“If the money was clean, why not buy the properties in his name?” Jacobs questioned in court.

Court rules EFCC failed to prove charges, witnesses’ testimonies found unreliable

Despite these arguments, the court upheld the no-case submissions filed by both Fayose’s counsel, Chief Kanu Agabi (SAN), and that of Spotless Investment Limited, Olalekan Ojo (SAN). Agabi argued that the EFCC did not bring forth enough compelling evidence, and failed to charge any co-conspirators, particularly Abiodun Agbele, who was allegedly central to the transactions.

“With due respect, the predicate offences on which these charges are based do not hold water,” Agabi stated. “Criminal breach of trust and conspiracy are distinct, and no co-conspirator was charged alongside the defendant.”

Similarly, Ojo pointed out inconsistencies in the prosecution’s case. He highlighted how the 13th prosecution witness, Senator Musiliu Obanikoro, a former Minister of State for Defence, admitted during cross-examination that there was no communication between Fayose and the former NSA. This testimony, Ojo contended, weakened the EFCC’s claim of a direct link between Fayose and the source of the funds.

The EFCC’s counterarguments, backed by affidavits and testimonies of its investigators, were ultimately not persuasive enough. Justice Aneke held that the commission failed to show any direct involvement of the former governor in money laundering or theft.

“The prosecution could not substantiate the criminal allegations beyond suspicion,” the judge said. “There is no concrete evidence that links the defendant to the crime.”

Fayose was previously arraigned before Justice Mojisola Olatoregun before the case was reassigned to Justice Aneke. He was accused of receiving ₦1.2 billion in campaign funds and $5 million in cash from Obanikoro for his 2014 governorship campaign. The EFCC claimed he bypassed financial institutions and routed funds through proxies and companies, including De Privateer Ltd and Still Earth Ltd, breaching the Money Laundering (Prohibition) Act, 2011.

Fayose has consistently maintained his innocence, describing the charges as politically motivated.