In a decisive judgment delivered on July 16, 2025, Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, discharged and acquitted former Ekiti State Governor Ayodele Fayose and his company, Spotless Investment Limited, of all charges relating to alleged fraud and money laundering totaling ₦6.9 billion .
The ruling followed a no-case submission filed by Fayose’s defense, asserting the prosecution failed to establish a prima facie case. The court agreed, ruling that the Economic and Financial Crimes Commission (EFCC) did not present credible evidence linking Fayose to the alleged crimes and thus had no basis to call him to open his defense .
The EFCC had charged Fayose in October 2018 on an 11-count indictment involving allegations from his tenures as governor (2003–2006 and 2014–2018). The charges included, among others, the receipt of ₦1.2 billion for his 2014 election campaign, a $5 million cash delivery allegedly from then-Minister of State for Defence Musiliu Obanikoro, and laundering funds through proxy companies such as De Privateer Ltd and Still Earth Ltd to acquire properties in Lagos and Abuja .
During proceedings, EFCC presented up to 14 witnesses, including Obanikoro and bank officials. However, the court found their testimonies inconsistent and circumstantial, lacking the direct evidence required for criminal convictions. The prosecution was also faulted for not charging a key alleged co-conspirator, Abiodun Agbele, alongside Fayose, undermining allegations of conspiracy .
Justice Aneke emphasized that EFCC’s evidence failed to show a legal link between Fayose and the alleged theft or money laundering, and therefore the case could not proceed to trial .
Following the ruling, EFCC prosecuting counsel Rotimi Jacobs, SAN, indicated plans to obtain the certified judgment and prepare grounds for an appeal .
Fayose’s legal victory marks the end of a seven-year legal saga, bringing to a conclusion one of Nigeria’s most high-profile corruption cases involving a former governor. Legal analysts say the outcome highlights challenges facing EFCC in securing convictions in politically sensitive trials, and the need for stronger case-building and evidence presentation .
Key Takeaways:
No prima facie case: Court upheld the defense’s argument that the prosecution failed to meet its initial burden.
Inconsistent testimony: Witnesses, including Obanikoro, provided conflicting accounts.
Co-conspirator not charged: Absence of key individual in charges weakened prosecution’s case.
EFCC to appeal: Prosecutors are preparing to challenge the acquittal.
This verdict underscores the limits of Nigeria’s anti-corruption enforcement and may shape future high-stakes prosecutions.
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