Alleged ₦6.9bn Fraud: EFCC to Challenge Court’s Exoneration of Fayose
The Economic and Financial Crimes Commission (EFCC) has declared its intention to contest the verdict of the Federal High Court in Ikoyi, Lagos, which on Wednesday acquitted former Ekiti State Governor, Ayodele Fayose, of purported ₦6.9 billion fraud.
In a communiqué issued via its official X handle, the Commission disclosed that it is scrutinizing the judgement rendered by Justice Chukwujekwu Aneke and has commenced briefing its legal team for an impending appeal.
“Following the judgement of Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos on Wednesday, July 16, 2025, acquitting and discharging a former Governor of Ekiti State, Mr. Ayo Fayose from an alleged money laundering case brought against him by the Economic and Financial Crimes Commission, EFCC, the Commission wishes to announce that it is presently evaluating the ruling and preparing for an appeal,” the agency articulated.
“The former governor was re-arraigned on Tuesday, July 2, 2019, alongside Spotless Investment Limited on an 11-count charge encompassing money laundering and theft amounting to N6.9bn (Six Billion Nine Hundred Million Naira).
“The EFCC reiterates its dedication to the rule of law as it instructs its legal representatives to appeal the judgement.”
Alleged N6.9bn Fraud: EFCC to Appeal Fayose’s Acquittal
Following the judgment of Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos on Wednesday, July 16, 2025, acquitting and discharging a former Governor of Ekiti State, Mr. Ayo Fayose from an… pic.twitter.com/H82j21ZDS3
— EFCC Nigeria (@officialEFCC) July 16, 2025
Fayose was re-arraigned on July 2, 2019, along with his enterprise, Spotless Investment Limited, on an 11-count charge related to money laundering and theft.
The case, initially instituted in 2018 before Justice Mojisola Olatoregun, was subsequently reassigned to Justice Aneke.
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Delivering the verdict on Wednesday, Justice Aneke endorsed a no-case submission filed by Fayose’s counsel, Chief Kanu Agabi (SAN), and determined that the prosecution had failed to establish a prima facie case against the defendants.
The judge asserted that the EFCC was unable to demonstrate any connection between Fayose and the purported offences. He noted that neither the prosecution’s witnesses nor the documents presented could substantiate the allegations beyond a reasonable doubt.
According to him, the foundational offences upon which the charges were predicated were insubstantial.
Justice Aneke further remarked that criminal breach of trust and conspiracy are separate charges and emphasized that no co-conspirator was indicted alongside the former governor.
He questioned the credibility of key witnesses, including Senator Musiliu Obanikoro, who alleged he transferred funds to Fayose on behalf of the party, noting that the origin of the funds remained ambiguous.
“There is no doubt he was compensated, but where did the money originate?” the judge inquired, highlighting discrepancies in the testimonies of Diamond Bank personnel and the absence of documentation linking the transactions to Fayose.
Regarding the charge of failure to declare assets, Justice Aneke ruled that at the time of his arraignment, Fayose was a private citizen and thus not obligated under the law.
The judge declared, “The no-case submission is upheld. The first and second defendants are hereby discharged.”
In the wake of the verdict, Fayose, visibly moved, wept as he exited the courtroom, kneeling in gratitude and extolling God for his liberation after seven years of trial. He also expressed appreciation to his legal team.
Despite pleading not guilty at the commencement of the trial, Fayose consistently avowed his innocence.
The allegations against him included accepting ₦1.2 billion and $5 million in cash from Senator Obanikoro for his 2014 gubernatorial campaign and laundering over ₦1.6 billion through companies such as De Privateer Ltd and Still Earth Ltd.
