Former Governor of Ekiti State, Ayodele Fayose, has asked the Federal High Court in Ikoyi, Lagos, to dismiss the N2.2 billion fraud case filed against him by the Economic and Financial Crimes Commission (EFCC), asserting that he has no case to answer.
Fayose’s legal team, led by Chief Kanu Agabi (SAN) and Olalekan Ojo (SAN), made a no-case submission before Justice Chukwujekwu Aneke. The defense argued that all prosecution witnesses and the evidence presented were based on speculation and failed to directly implicate Fayose, insisting that this did not warrant the defendants presenting a defense.
The EFCC had originally filed an 11-count charge against Fayose and his company, Spotless Investment Limited, on October 18, 2018.
The Commission alleged that approximately N2.2 billion was diverted from a firm, Sylvan Mcnamara, which was supposedly contracted by the Office of the National Security Adviser (NSA) under Col. Sambo Dasuki (rtd) but did not execute any job. Instead, the funds were allegedly funneled for Fayose’s benefit during the 2014 Ekiti State governorship election.
The charges were later amended on November 24, 2021. The EFCC concluded its case on February 28, 2025, after calling 20 witnesses.
However, during his testimony under oath, Senator Musiliu Obanikoro, a key witness, stated that the funds in question were not proceeds of fraud but were raised through various donations and fundraising activities for the 2014 election.
He explained that, as the chairman of all PDP campaign committees in Ekiti at the time, he was entrusted with the funds. He also alleged he was coerced and mistreated during EFCC interrogations and clarified that he had no official role or mandate from Sylvan Mcnamara to act on the company’s behalf.
Senior Advocate Kanu Agabi further argued that the EFCC failed to prosecute Abiodun Agbele, who was purportedly the intermediary that facilitated the transfer of the funds. Moreover, Agabi pointed out that two mandate letters from Sylvan Mcnamara listing fund recipients did not include Fayose’s name or any known associate of his.
Nine bank officials testified for the prosecution. All confirmed that, based on banking protocols, the transactions involving Fayose’s accounts appeared legitimate and were never flagged by regulatory authorities.
Defense counsel emphasized that Zenith Bank officials had testified that the funds brought by Obanikoro were received and deposited following standard procedure. They stressed that if the funds were illegitimate, banks would not have accepted the deposits.
Notably, Abiodun Adekoya Oshode, a former Assistant General Manager of Zenith Bank, stated during cross-examination that he never saw Fayose deposit any money, nor could he confirm that Fayose filled out any teller slips. This was corroborated by the Akure Branch Manager, Alade Oluseye, who said he never saw Fayose at the bank performing any such activity.
Additionally, EFCC investigative officer Muhammed Madaki admitted under cross-examination that their investigation did not reveal any communication between Fayose and either the NSA or Obanikoro. He also confirmed that although Col. Dasuki made statements during the investigation, these were not presented to Fayose.
The defense team argued that the funds in question were campaign donations managed by Obanikoro, who openly stated that Fayose was the intended beneficiary. They maintained that it was reasonable to conclude Fayose merely received legitimate campaign contributions.
Further supporting the defense, Ademola Famokun, a PDP official and prosecution witness (PW20), testified that Obanikoro was responsible for coordinating PDP fundraising efforts.
He explained that various sources of income—including sales of nomination forms and party cards—were collected and managed by Obanikoro for the purpose of advancing PDP’s interests in the 2014 election. Famokun emphasized that the NSA did not fund PDP campaign activities.
The court has adjourned the case to July 10, 2025, for a ruling on the no-case submission.