Fayose Walks Free, but EFCC Heads to Appeal Court Over N6.9bn Case
The Economic and Financial Crimes Commission (EFCC) says it will appeal the ruling that acquitted former Ekiti State governor, Ayodele Fayose, of money laundering and fraud charges involving N6.9 billion.
Justice Chukwujekwu Aneke of the Federal High Court, Lagos, on Wednesday upheld a no-case submission filed by the defendants, ruling that the prosecution failed to establish a prima facie case.
The EFCC had re-arraigned Fayose alongside his company, Spotless Investment Limited, on 11 counts bordering on the unlawful possession of ₦1.2 billion and receipt of $5 million in cash from Musiliu Obanikoro for his 2014 gubernatorial campaign — all without going through financial institutions.
Rotimi Jacobs, EFCC’s counsel, confirmed the commission’s decision to appeal the ruling: “We will make an effort to obtain the certified copy of the judgment and prepare grounds for an appeal.”
Fayose’s counsel, Kanu Agabi, had argued that the case lacked merit, stating: “With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged.”
He also noted the absence of Abiodun Agbele, said to be central to the alleged transactions, from the charge sheet as a major flaw.
On the prosecution’s side, Jacobs questioned the legitimacy of Fayose’s financial dealings: “If the money was clean, why not buy the properties in his name?”
Despite the EFCC citing testimony from witnesses like Obanikoro and EFCC investigator Abubakar Madaki, the court ruled in favour of the defendants, prompting the anti-graft agency’s move to the appeal court.
