The Federal High Court in Ikoyi, Lagos, has discharged the former Ekiti State Governor, Ayodele Fayose and his company, Spotless Investment Limited, of all charges related to an alleged fraud and money laundering case.
The judgment delivered by Justice Chukwujekwu Aneke brings an end to a high-profile legal battle that lasted nearly seven years, drawing national attention due to its political and financial significance.
Fayose, who served as Governor of Ekiti State from 2003 to 2006 and again from 2014 to 2018, was first arraigned by the Economic and Financial Crimes Commission (EFCC) on October 22, 2018, before Justice Mojisola Olatoregun.
He faced an 11-count charge alongside his company, Spotless Investment Limited, accused of laundering funds, specifically N1.219 billion allegedly used to finance his 2014 gubernatorial campaign, and of receiving $5 million in cash from the then Minister of State for Defence, Musiliu Obanikoro, without passing it through a financial institution.
The EFCC also alleged that the funds were used by Fayose to purchase properties in Lagos and Abuja, in violation of the Money Laundering (Prohibition) Act, 2011.
The case was reassigned to Justice Aneke in 2019 after the EFCC filed a petition, and the trial featured numerous adjournments and a vigorous prosecution.
The EFCC presented 14 witnesses, including Obanikoro and several bank officials, to back their claims of unlawful financial activities.
Key pieces of evidence included testimonies about large cash deliveries via bullion vans and private jets, allegedly traced to the Office of the National Security Adviser (ONSA) under Col. Sambo Dasuki (rtd), and said to be for fictitious security contracts.
Fayose’s defense team, led by Chief Kanu Agabi, SAN, consistently argued that the prosecution had not established a prima facie case.
In a no-case submission filed on May 16, 2025, Agabi claimed that the prosecution’s evidence was inadequate, citing contradictions in witness accounts and a lack of direct links between Fayose and the alleged offenses.
The defense also pointed out that Abiodun Agbele, a key associate mentioned in the case, had been tried separately, weakening the prosecution’s conspiracy claims against the former governor.
The court’s verdict, originally set for July 10, 2025, was delayed due to Justice Aneke’s absence, sparking speculation about possible attempts to influence the outcome.
In its final ruling, the court stated that although the EFCC presented a large volume of evidence, it lacked coherence and failed to establish criminal intent or direct involvement by Fayose in the alleged money laundering.
Justice Aneke emphasized that the prosecution relied too heavily on circumstantial evidence, particularly concerning the source and use of the funds, and that this did not meet the legal standard for a conviction.
The court also questioned the reliability of certain witnesses, especially those who testified about property acquisitions registered under third-party names, without solid proof tying them to Fayose.
