Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, July 16, 2025, discharged and acquitted former Ekiti State Governor Ayodele Fayose of all charges in the N6.9 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC), after upholding a no-case submission filed by the defence.

The Economic and Financial Crimes Commission (EFCC) had re-arraigned Fayose and his company, Spotless Investment Limited, on July 2, 2019, on an 11-count charge bordering on money laundering and theft to the tune of N6.9 billion. The case was initially filed on October 22, 2018, before Justice Mojisola Olatoregun.

At the last adjourned 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 also noted that Abiodun Agbele, allegedly a co-conspirator in the transaction, was never charged alongside Fayose.

“The predicate offences on which these charges are based do not hold water. Criminal breach of trust and conspiracy are distinct charges, yet no co-conspirator was docked with the defendant,” Agabi argued.

Counsel to the second defendant, Spotless Investment Limited, Olalekan Ojo, SAN, also adopted the no-case submission.

In response, prosecuting counsel, Rotimi Jacobs, SAN, urged the court to dismiss the no-case submissions. He referred to a counter-affidavit and written address dated May 8, 2025, which asserted that the defendants had failed to explain the suspicious financial transactions adequately.

Jacobs questioned why Fayose did not use his personal bank account if the transactions were legitimate. He further noted that EFCC investigator Abubakar Madaki had testified that Fayose used associates to purchase properties in Nigeria and abroad—associates who later denied ownership, despite Fayose claiming the properties in his statement.

He also referenced the testimony of former Minister of State for Defence, Musiliu Obanikoro, who said Fayose personally requested the funds in cash and introduced Agbele to coordinate the delivery. Jacobs argued this required a defence from the accused.

In his ruling, Justice Aneke held that the prosecution failed to establish a prima facie case against the defendants and consequently discharged and acquitted them.

Following the verdict, Jacobs stated that efforts are underway to obtain the certified copy of the judgment and prepare grounds for an appeal.