Fayose weeps as court clears him of N6.9bn fraud

Former Ekiti State Governor, Ayodele Fayose, was on Wednesday discharged of N6.9bn fraud charges by a Federal High Court sitting in Lagos.

Following the judgment, an emotional Fayose broke down outside the courtroom, as supporters celebrated the victory.

Shortly after the ruling, Fayose knelt outside the court premises and thanked God for what he described as a vindication.

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He was seen wiping tears from his eyes after hugging his lead counsel and exchanging handshakes with members of his legal team.

The Economic and Financial Crimes Commission had accused Fayose and his company of laundering N6.9bn during his tenure as governor between 2014 and 2018.

EFCC alleged that Fayose took N1.2bn to fund his 2014 election campaign and received $5m in cash from a sitting minister of state for defence at the time, Musiliu Obanikoro, without using financial institutions.

He was also accused of laundering over N1.6bn through proxies and companies like De Privateer Ltd and Still Earth Ltd, in violation of the Money Laundering (Prohibition) Act, 2011.

The case was initially filed on October 22, 2018, before Justice Mojisola Olatoregun.

At the last hearing of the almost seven-year trial on May 19, 2025, Fayose’s lead counsel, Chief Kanu Agabi (SAN), urged the court to dismiss the charges.

He argued that the prosecution presented no credible evidence linking Fayose to any criminal act.

He also questioned the absence of Abiodun Agbele, allegedly involved in the transactions, on the charge sheet.

The prosecution did not charge any co-conspirator. The predicate offences are unproven. You cannot allege conspiracy without a second party,” Agabi argued.

Counsel for Spotless Investment Limited, Ojo (SAN), also supported the no-case submission.

In response, counsel for the EFCC, Mr Rotimi Jacobs (SAN), urged the court to reject the submissions, citing a counter-affidavit and written address dated May 8, 2025.

He argued that Fayose’s failure to use his accounts for the transactions was suspicious and required explanation.

“If the money was clean, why didn’t he acquire the properties in his name?” Jacobs asked.

Jacobs also referenced the testimony of the EFCC investigator, Abubakar Madaki, who told the court that Fayose used associates to purchase properties within and outside Nigeria, associates who later denied ownership.

Fayose, however, claimed the properties in his statement.

He further pointed to testimony from Obanikoro, who said Fayose personally requested the funds in cash and introduced Agbele to coordinate delivery.

In its ruling, the court affirmed that the prosecution failed to provide sufficient evidence to warrant the defendants entering a defence.

Despite the arguments, Justice Aneke ruled that the EFCC failed to prove a prima facie case, and consequently discharged and acquitted both defendants.

The EFCC has, however, announced plans to appeal the judgment of the court, which discharged and acquitted Fayose of all fraud charges.

Speaking shortly after the judgment on the no-case submission, Jacobs (SAN) said the commission was in the process of obtaining the certified true copy of the judgment and would file an appeal.

Reacting to the verdict, the EFCC, in a statement on Wednesday by its Head of Media and Publicity, Dele Oyewale, said it was currently studying the judgment and had commenced the process of filing an appeal.