The former Governor of Ekiti State, Ayodele Fayose, has been discharged and acquitted of all charges in the N6.9 billion fraud case filed against him by the Economic and Financial Crimes Commission (EFCC).
The ruling was delivered by Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, July 16, 2025, after the court upheld the no-case submission presented by Fayose’s defence team.
The EFCC had originally arraigned Fayose and his company, Spotless Investment Limited, on October 22, 2018, before Justice Mojisola Olatoregun. They were charged with 11 counts bordering on conspiracy, money laundering, and theft of N6.9 billion. The case was later reassigned and re-arraigned on July 2, 2019, before Justice Aneke.
At the last hearing on May 19, 2025, Fayose’s counsel, Chief Kanu Agabi, SAN, argued that the EFCC failed to establish a prima facie case against his client. He stressed that a central figure in the alleged transaction, Abiodun Agbele, was never charged alongside Fayose despite being named as a co-conspirator.
Agabi maintained, “The predicate offences on which these charges are based are baseless. For criminal breach of trust and conspiracy, there must be a co-conspirator, yet no such individual was arraigned alongside the defendant.”
Similarly, counsel for Spotless Investment Limited, Olalekan Ojo, SAN, aligned with the no-case submission, asserting that the prosecution’s case lacked substance.
However, prosecuting counsel, Rotimi Jacobs, SAN, opposed the submissions and urged the court to dismiss the application. He cited a counter-affidavit and written address dated May 8, 2025, arguing that the defendants had failed to provide a satisfactory explanation for the suspicious transactions linked to them.
Jacobs questioned why Fayose avoided using his personal bank account if the transactions were legitimate. He referenced testimony from EFCC investigator Abubakar Madaki, who alleged that Fayose used associates to acquire properties both in Nigeria and abroad. These associates later denied ownership of the properties, even though Fayose admitted they were his.
Jacobs also cited the testimony of former Minister of State for Defence, Musiliu Obanikoro, who revealed that Fayose personally requested the funds in cash and introduced Agbele to coordinate the disbursement.
In his ruling, Justice Aneke declared that the EFCC had failed to establish any prima facie case against the defendants. Consequently, the court discharged and acquitted Fayose and his company of all charges.
Reacting to the judgment, the EFCC’s counsel, Jacobs, disclosed that the Commission is taking steps to obtain a certified copy of the judgment and is preparing grounds to file an appeal.