A Federal High Court in Lagos on Wednesday, July 16, 2025, exonerated and acquitted former Ekiti State Governor Ayodele Fayose of all charges relating to an alleged ₦6.9 billion money laundering and fraud case. Justice Chukwujekwu Aneke handed the momentous verdict in favor of Fayose and his firm, Spotless Investment Limited, saying that the Economic and Financial Crimes Commission (EFCC) failed to build a prima facie case against the defendants.
The legal process against Fayose started in 2018 when the EFCC initially charged the ex-governor on multiple charges of money laundering and fraud. The accusations focused on claims that Fayose unlawfully acquired and laundered around ₦6.9 billion during his term as Ekiti State governor. Specifically, the EFCC accused him of routing ₦1.2 billion for his 2014 gubernatorial campaign and obtaining $5 million in cash from Musiliu Obanikoro, then Minister of State for Defence, using ways that evaded financial institutions. Furthermore, Fayose was said to have laundered approximately ₦1.6 billion via proxies and linked organizations, including De Privateer Ltd and Still Earth Ltd, to buy properties in Lagos, Abuja, and overseas in violation of the Money Laundering (Prohibition) Act, 2011.
Throughout the trial, Fayose and his defense team—led by Senior Advocates of Nigeria (SAN) such as Kanu Agabi and Olalekan Ojo—vigorously disputed all claims. A significant issue was the no-case motion submitted by the defense, saying that the EFCC failed to produce sufficient evidence to support a trial. They maintained that the prosecution did not prosecute significant suspected co-conspirators, including Abiodun Agbele, which undermined the case’s base. They also noted discrepancies and questionable evidence from prosecution witnesses, such as Obanikoro, who could not clearly connect Fayose to the alleged charges or indicate direct contact with involved people like former National Security Adviser Sambo Dasuki.
The defense stressed legal differences, pointing out that allegations like criminal breach of trust and conspiracy need separate evidence and that no co-conspirator had been legitimately prosecuted alongside Fayose. Agabi stated that the prosecution’s predicate crimes “do not hold water” and sought the court to exonerate Fayose with a no-case judgment.
EFCC prosecutor Rotimi Jacobs rejected these allegations, arguing that the prosecution had established “suspicious transactions” and that Fayose confessed to owning properties obtained via proxies, which raised issues about the validity of the finances. Jacobs emphasized the odd practice of acquiring properties under associates’ names and the cash transactions started by Fayose, highlighting the need for accountability.
After carefully examining the arguments and facts, Justice Aneke affirmed the no-case submission. The court found that the EFCC failed to establish a prima facie case to force Fayose to file a defense, indicating plainly that the prosecution did not show any criminal offense. Consequently, Fayose and Spotless Investment Limited were released and cleared on all eleven offenses relating to money laundering and theft.
This conviction ultimately culminated in a lengthy judicial struggle extending over seven years, where Fayose constantly maintained his innocence and accused the allegations of being politically driven efforts to destroy his character.
EFCC’s Reaction and Next Steps
Shortly after the decision, the EFCC voiced discontent with the result and announced preparations to appeal. In an official statement, the agency said it was examining the court ruling and planning to submit an appeal to the Court of Appeal. The EFCC reiterated its commitment to the rule of law and committed to exhausting all legal possibilities to appeal the acquittal and pursue the issue further.
The anti-graft agency's communications chief, Dele Oyewale, accepted the loss but emphasized that the probe into corruption and money laundering must continue, foreshadowing a potential lengthy court struggle on this high-profile case.
The court’s decision to clear Fayose has huge political and legal repercussions. As a two-term governor of Ekiti State (2003–2007 and 2014–2018), Fayose remains a significant political figure. The acquittal restores his legal standing and might affect his future political aspirations, perhaps erasing the harm wrought by the long-running trial.
Legal experts have pointed out that the ruling underlines the important requirement for prosecution attention in corruption investigations, notably the obligation to build a strong, compelling prima facie case before pushing charges. The ruling also shows difficulty encountered by Nigerian anti-corruption organizations when evidence is largely circumstantial or based on unreliable testimonials.
Fayose’s case is part of a wider milieu where Nigerian politics and corruption inquiries regularly collide. Critics have long maintained that certain high-profile corruption accusations in Nigeria may be motivated by political objectives rather than merely legal grounds. Fayose himself contended throughout the trial that the allegations were politically driven to damage his power inside Ekiti State and abroad.
This acquittal consequently reinvigorates concerns about the independence of Nigeria’s courts and the fairness of prosecution proceedings in politically sensitive cases. It also reiterates the limitations of anti-corruption measures when important witnesses are not sufficiently prosecuted or evidence fails to satisfy strict judicial criteria.
On July 16, 2025, the Federal High Court in Lagos acquitted former Ekiti Governor Ayodele Fayose and his firm of all money laundering and theft allegations involving ₦6.9 billion.
The court affirmed a no-case petition by the defense, stating the EFCC failed to establish a prima facie case to continue with the trial.
Fayose was accused of obtaining unlawful campaign funding and laundering money via proxies and corporations throughout his stint as governor.
The defense maintained that important co-conspirators were not prosecuted and that prosecution evidence was untrustworthy.
EFCC indicated it will appeal the verdict, retaining its commitment to the rule of law and continuing the battle against corruption.
The acquittal holds political importance and raises issues about prosecution problems in corruption trials in Nigeria.
The ruling signals a significant moment for Fayose and adds to continuing arguments about justice, accountability, and political power in Nigeria’s anti-corruption scene.
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