Federal High Court in Ikoyi, has discharged and acquitted former Governor of Ekiti State, Mr. Ayodele Fayose, of all charges relating to a N6.9 billion fraud allegation brought against him by the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke delivered the judgment on Wednesday, upholding a no-case submission filed by the defence.
Mr. Fayose and his company, Spotless Investment Limited, were re-arraigned on July 2, 2019, on an 11-count charge bordering on alleged money laundering and theft. The charges, first brought in October 2018, were initially heard by Justice Mojisola Olatoregun.
At the hearing on May 19, 2025, counsel to Fayose, Chief Kanu Agabi, SAN, argued that the EFCC had failed to establish a prima facie case against his client. He also pointed out that Abiodun Agbele, described as a key actor in the transactions under investigation, was never formally charged.
“The predicate offences do not stand. Criminal breach of trust and conspiracy are separate offences, yet no co-conspirator was arraigned with the defendant,” Agabi submitted.
Counsel to Spotless Investment Limited, Mr. Olalekan Ojo, SAN, also aligned with the no-case submission.
In opposition, EFCC’s prosecuting counsel, Mr. Rotimi Jacobs, SAN, urged the court to dismiss the application. He referenced testimonies from EFCC investigators and former Minister of State for Defence, Mr. Musiliu Obanikoro, who alleged that Mr. Fayose had personally requested the funds and facilitated their delivery through intermediaries.
Jacobs further questioned the legitimacy of the financial transactions, raising concerns over the use of proxies in property acquisitions and the non-use of Mr. Fayose’s personal accounts for the transactions in question.
In his ruling, Justice Aneke concluded that the prosecution failed to establish sufficient grounds for the defendants to enter a defence, and therefore dismissed the charges.
Following the judgment, the prosecution stated its intention to appeal and confirmed that steps are being taken to obtain a certified copy of the ruling.
