In a significant legal development, a Federal High Court in Lagos has discharged and acquitted former Ekiti State Governor Ayodele Fayose of allegations related to a ₦6.9 billion fraud and money laundering scheme. The ruling, delivered by Justice Chukwujekwu Aneke on Tuesday, followed a no-case submission filed by Fayose’s legal representatives, who argued that the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case necessitating the defendant’s continued defense.
The EFCC had previously re-arraigned Fayose along with his company, Spotless Investment Limited, on 11 counts claiming involvement in money laundering activities. The charges originated from accusations that Fayose illicitly received ₦1.2 billion and $5 million in cash for his 2014 gubernatorial campaign, circumventing established banking protocols. He was also accused of laundering over ₦1.6 billion to acquire properties through front companies such as De Privateer Ltd and Still Earth Ltd.
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During the no-case motion presented on May 19, Fayose’s counsel, Kanu Agabi (SAN), highlighted that Abiodun Agbele, who allegedly facilitated the funds, was never charged, thereby undermining the EFCC’s case. Agabi contended that “the predicate offences do not hold water,” urging the court to dismiss the case against Fayose entirely. Further support came from Olalekan Ojo, counsel for Spotless Investment, who criticized the credibility of the EFCC’s evidence and questioned the testimony of the 13th prosecution witness, Musiliu Obanikoro, regarding any direct connections between Fayose and former National Security Adviser Sambo Dasuki.
In contrast, EFCC prosecutor Rotimi Jacobs opposed the no-case submission, contending that Fayose must clarify the questionable cash transactions and the alleged use of proxies for property acquisitions. “If the money was clean, why not buy the properties in his name?” Jacobs challenged. Nevertheless, the court ultimately sided with Fayose, discharging him and Spotless Investment of all charges.
This ruling marks a pivotal moment in Fayose’s political journey, which has included six separate presidential bids across various parties, including the SDP, PDP, AC, and APC.
Meanwhile, former Vice President Atiku Abubakar, who rejoined the PDP in 2017, is reportedly moving towards forming a new opposition coalition in 2024 due to frustrations over internal party conflicts and strategies following the PDP’s loss to the APC in the 2023 elections. Although he has not officially joined the African Democratic Congress (ADC), insiders indicate that he is poised to play a central role in pushing for electoral reforms and rejuvenating party democracy. The PDP’s leadership acknowledges the potential fallout from Atiku’s actions, which could lead to further defections ahead of the 2027 elections. At 78, Atiku remains a significant figure in Nigerian politics, known for his influence, wealth, and enduring ambition to lead the nation.
