The Economic and Financial Crimes Commission (EFCC) has announced plans to challenge the acquittal of former Ekiti State Governor, Ayodele Fayose, who was discharged by a Federal High Court in Lagos on Wednesday over allegations of ₦6.9 billion fraud.
In a post on its official X (formerly Twitter) account, the anti-graft agency confirmed it is reviewing the judgment issued by Justice Chukwujekwu Aneke and has already begun preparing for an appeal.
“Sequel to 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 preferred against him by the Economic and Financial Crimes Commission, EFCC, the Commission wishes to state that it is already studying the ruling and preparing for an appeal,” the EFCC stated.
Fayose and his company, Spotless Investment Limited, were re-arraigned on July 2, 2019, on an 11-count charge of money laundering and theft amounting to ₦6.9 billion.
The matter was initially brought in 2018 before Justice Mojisola Olatoregun, but was later reassigned to Justice Aneke.
“The former governor was re-arraigned on Tuesday, July 2, 2019, alongside Spotless Investment Limited on an 11-count charge bordering on money laundering and stealing to the tune of N6.9bn (Six Billion Nine Hundred Naira).”
“The EFCC reaffirms its commitment to the rule of law as it briefs its counsel to appeal the judgement.”
While delivering the ruling, Justice Aneke upheld a no-case submission filed by Fayose’s lawyer, Chief Kanu Agabi (SAN), noting that the prosecution had failed to present a prima facie case.
According to the court, the EFCC was unable to establish any link between Fayose and the alleged crimes.
The judge further stated that neither witness testimony nor documentary evidence presented by the prosecution met the threshold required to support the allegations.
He dismissed the underlying offences as weak and lacking substance.
Additionally, the court observed that no co-defendant was charged alongside Fayose for conspiracy or criminal breach of trust, which are separate legal infractions.
The judge also expressed doubt about the testimony of key witnesses like Senator Musiliu Obanikoro, who had claimed he delivered cash to Fayose on behalf of the party.
“There is no doubt he was paid, but where did the money come from?” Justice Aneke asked, citing inconsistencies in Obanikoro’s account and gaps in records provided by Diamond Bank, which did not directly connect the financial transactions to the former governor.
On the accusation of asset declaration failure, the court ruled that Fayose, as a private citizen at the time of arraignment, was not legally bound to make such declarations.
“The no-case submission succeeds. The first and second defendants are hereby discharged,” Justice Aneke concluded.
An emotional Fayose broke down in tears as he exited the courtroom, falling to his knees in gratitude.
The former governor thanked God and praised his legal team for their steadfastness throughout the protracted legal process, which spanned over seven years.
Despite consistently pleading not guilty since the beginning of the trial, Fayose had maintained that he was innocent.
The charges included allegations that he accepted ₦1.2 billion and $5 million in cash from Senator Obanikoro for his 2014 governorship campaign, as well as claims that over ₦1.6 billion was laundered through entities such as De Privateer Ltd and Still Earth Ltd.
