Court frees Fayose of fraud, money laundering charges, EFCC to challenge verdict

Court frees Fayose of fraud, money laundering charges, EFCC to challenge verdict

A former governor of Ekiti State, Mr. Ayodele Fayose, was on Wednesday absorbed of money laundering and fraud allegations.

The court therefore went ahead to discharge and acquit him if the charges.

But his accuser, the Economic and Financial Crimes Commission (EFCC), immediately said it would appeal the ruling acquitting him.

Ruling on a no-case submission on Wednesday, Chukwujekwu Aneke, the presiding judge, held that the prosecution failed to establish a prima facie case against Fayose to warrant further defence.

According to the charge, Fayose allegedly took possession of ₦1.2 billion for his 2014 gubernatorial campaign and received $5 million in cash from Obanikoro, bypassing financial institutions.

He was also accused of laundering various sums, retaining and using over ₦1.6 billion to acquire properties through proxies and companies such as De Privateer Ltd and Still Earth Ltd., in violation of several provisions of the Money Laundering (Prohibition) Act, 2011.

While making a no-case submission on May 19, Kanu Agabi, counsel to the former governor, argued that the prosecution failed to establish a prima facie case against Fayose.

He noted that Abiodun Agbele, who allegedly played a central role in the transactions, was not charged alongside Fayose, weakening the EFCC’s case.