Court Frees Fayose of N2.2 Billion Money Laundering Charges

A Federal High Court in Lagos has today discharged and acquitted former Ekiti State Governor Ayodele Fayose of all charges in a long‑running N2.2 billion money‑laundering suit brought by the Economic and Financial Crimes Commission (EFCC).

The decision marks a dramatic reversal in a case that began nearly a decade ago and carries significant political and legal implications.

Background to the Case

In 2016, the EFCC accused Fayose of funnelling N2.2 billion through four Zenith Bank accounts linked to his administration. The funds were alleged to have originated from illicit sources and then been used for campaign expenses.

The commission secured court orders to freeze the accounts and pressed 24‑count charges of money laundering and related offences. Fayose and three co‑accused, including his aide, Abiodun Agbele, vehemently denied wrongdoing, insisting the funds were legitimate state allocations.

Court’s Ruling

After reviewing months of testimonies, bank records, and legal arguments, Justice [Name Redacted] ruled that the EFCC had failed to prove a prima facie case.

Citing gaps in the prosecution’s evidence, particularly around the source of funds and the chain of custody of transaction records, the judge held that any reasonable jury (or bench) must acquit. With that, Fayose and Agbele walked free, their names legally cleared of the alleged offences.

EFCC Response and Next Steps

The EFCC has vowed to study the judgment and may appeal to the Court of Appeal. In a brief statement, the commission said it remains “committed to prosecuting public officers who abuse their offices” and will strengthen its evidence‑gathering protocols going forward.

Implications for Anti‑Corruption Efforts
Fayose’s acquittal highlights two persistent challenges for Nigeria’s anti‑graft agencies:

Evidence Standards: Complex financial crimes require airtight paper trails. Investigators must secure clear documentation of fund origins and transfers to meet the burden of proof.

Perception vs. Process: High acquittal rates can erode public confidence, even if convictions are legally sound. Transparent handling of investigations and prosecutions helps maintain trust in the system.