JUST-IN: Court Acquits Fayose Of N3.3bn Money Laundering Charges

Justice Chukwujekwu Aneke of the Federal High Court in Lagos has acquitted and discharged former Ekiti State governor, Ayodele Fayose, of an 11-count money laundering and fraud charges to the tune of N3.3 billion.

In his ruling on Wednesday morning on Fayose’s no-case submission, Justice Aneke stated that the prosecution failed to establish a prima facie case against the former governor.

The judge also held that the witnesses and documents evidence tendered before the court by the Economic and Financial Crimes Commission (EFCC) were not enough to prove the guilt of the defendant.

The EFCC had accused Fayose of receiving a cash payment of N1.8 billion from former Minister of State for Defence, Senator Musiliu Obanikoro, without utilising a financial institution, an amount that exceeded the legally permitted limit. Additionally, the EFCC claimed that Fayose retained amounts totalling N300million in his Zenith Bank account and took control of an aggregate sum of about N622 million, which he should have recognised as proceeds of crime.

Fayose was also accused of directing De Privateer Ltd and Still Earth Ltd to hold cumulative amounts totalling N851 million in their Zenith and FCMB accounts, which they were expected to have acknowledge as proceeds of crime. Furthermore, he allegedly used approximately N1.6 billion to acquire properties in Lagos and Abuja, knowing they were part of the proceeds of crime.

He was also accused of using N200 million to purchase a property in Abuja under the name of his elder sister, Moji Oladeji, which he should have identified as unlawful proceeds.

The alleged offences violate multiple provisions of the Money Laundering Prohibition Act of 2011.

Fayose, however, had pleaded not guilty to all charges.