Tears of Relief as Fayose Walks Free from N6.9bn Fraud Allegation

Former Governor of Ekiti State, Ayodele Fayose, was on Wednesday cleared of a N6.9 billion fraud case by a Federal High Court in Lagos.

After the ruling, an emotional Fayose was seen outside the courtroom in tears, overwhelmed by the verdict as supporters cheered. He knelt down in gratitude, thanking God and calling the judgment a vindication. He hugged his lead counsel and exchanged handshakes with his legal team before also embracing Mr. Olalekan Ojo (SAN), the lawyer representing Spotless Investment Limited, who jointly filed the no-case submission that led to the acquittal.

At one point, Fayose burst into song, singing “Winner ooo, winner!” as he left the court.

The judgment was delivered by Justice Chukwujekwu Aneke, who upheld the no-case submission filed by Fayose and Spotless Investment Limited. The judge ruled that the prosecution failed to establish any prima facie case against the defendants.

Fayose and his company had been accused by the Economic and Financial Crimes Commission (EFCC) of laundering N6.9 billion during his tenure as governor from 2014 to 2018. The commission alleged that he received N1.2 billion to fund his 2014 campaign and took $5 million in cash from the then Minister of State for Defence, Musiliu Obanikoro, without routing it through any financial institution.

He was also accused of laundering more than N1.6 billion through third-party companies like De Privateer Ltd and Still Earth Ltd, allegedly breaching the Money Laundering (Prohibition) Act of 2011.

The case, first filed in October 2018, had lasted nearly seven years. At the final hearing on May 19, 2025, Fayose’s lead counsel, Chief Kanu Agabi (SAN), urged the court to dismiss the charges, stating that the prosecution failed to provide any credible evidence linking his client to wrongdoing. He also noted that a key figure in the alleged transactions, Abiodun Agbele, was not included in the charge sheet, raising questions about the credibility of the conspiracy claim.

Ojo (SAN), representing Spotless Investment Limited, also supported the no-case submission.

In response, EFCC counsel Rotimi Jacobs (SAN) asked the court to dismiss the submission, pointing to a counter-affidavit and written address filed on May 8, 2025. He questioned why Fayose did not use his personal bank accounts for the transactions, suggesting that the lack of transparency required explanation. He argued, “If the money was legitimate, why didn’t he acquire the properties in his name?”

Jacobs also referred to the testimony of EFCC investigator Abubakar Madaki, who told the court that Fayose used associates to acquire properties in Nigeria and abroad individuals who later denied ownership. However, Fayose admitted to owning the properties in question. He also referenced Obanikoro’s testimony, in which the former minister claimed Fayose personally requested the funds in cash and introduced Agbele to coordinate their delivery.

After reviewing the case, the court found that the EFCC did not provide sufficient evidence to require the defendants to open a defence. Justice Aneke concluded that the prosecution failed to prove its case and, therefore, discharged and acquitted both Fayose and Spotless Investment Limited.

Following the ruling, the EFCC announced plans to challenge the decision. Jacobs (SAN) said the commission had begun the process of obtaining a certified true copy of the judgment and would file an appeal. A statement released by the commission confirmed that the judgment was being reviewed and that steps had been taken toward an appeal.