By Seyi Odewale
The Economic and Financial Crimes Commission (EFCC) has expressed its intention to challenge the acquittal of former Ekiti State Governor Ayodele Fayose, who a Federal High Court in Lagos discharged on Wednesday over allegations of ₦6.9 billion fraud and money laundering.
Reacting through an official statement shared via its verified X (formerly Twitter) handle, the anti-corruption agency said it is currently studying the judgment delivered by Justice Chukwujekwu Aneke and has begun briefing its legal team in preparation for an appeal.
“Sequel to the judgement of Justice Chukwujekwu Aneke, acquitting and discharging a former Governor of Ekiti State, Mr Ayo Fayose, the Commission wishes to state that it is already studying the ruling and preparing for an appeal,” the EFCC said.
Fayose, alongside his company, Spotless Investment Limited, was re-arraigned on July 2, 2019, on an 11-count charge related to conspiracy, stealing, and money laundering involving ₦6.9 billion. The case, which originated in 2018 under Justice Mojisola Olatoregun, was reassigned to Justice Aneke.
In his ruling, Justice Aneke upheld a no-case submission filed by Fayose’s legal counsel, Chief Kanu Agabi (SAN), stating that the EFCC had failed to prove a prima facie case against the former governor and his firm.
The judge ruled that the prosecution could not establish any concrete link between the defendant and the alleged offences. He emphasised that the evidence presented—both witness testimony and documentary submissions—was insufficient to sustain a criminal charge.
He also faulted the EFCC’s reliance on testimonies from witnesses, notably that of Senator Musiliu Obanikoro, who claimed to have delivered cash to Fayose for his 2014 gubernatorial campaign.
Justice Aneke questioned the credibility of the claim, particularly due to the absence of clarity regarding the source of the funds and inconsistencies in banking records.
“There is no doubt that he was paid, but where did the money come from?” the judge asked, pointing to a lack of documentation tracing the alleged illicit funds to Fayose.
On the charge relating to failure to declare assets, Justice Aneke clarified that such requirements only apply to public officeholders. At the time of his arraignment, Fayose was a private citizen.
He said, “The no-case submission succeeds. The first and second defendants are hereby discharged.”
The ruling brought a poignant end to a seven-year legal battle. Fayose, visibly overwhelmed, broke down in tears as he exited the courtroom, kneeling and raising his hands in a gesture of thanksgiving.
“To God be the glory,” he declared, while thanking his legal team and supporters for their resilience and belief in his innocence.
Fayose had consistently pleaded not guilty throughout the trial. He was accused of receiving ₦1.2 billion and $5 million in cash from Senator Obanikoro and allegedly laundering more than ₦1.6 billion through front companies like De Privateer Ltd and Still Earth Ltd.
The EFCC has reaffirmed its commitment to the rule of law, promising to exhaust all legal avenues in pursuit of justice. “The Commission reaffirms its resolve to ensure accountability and will pursue the appeal by the law,” the statement added.
