The Economic and Financial Crimes Commission (EFCC) has announced plans to appeal the recent acquittal of former Ekiti State Governor, Ayodele Fayose, in a high-profile N6.9 billion fraud case that has spanned nearly six years.
Fayose and his company, Spotless Investment Limited, were discharged by a Federal High Court sitting in Ikoyi, Lagos, after the judge upheld their no-case submission.
Background of the Case
The EFCC had initially arraigned Fayose and Spotless Investment Limited on 22 October 2018 before Justice Mojisola Olatoregun on an 11-count charge of money laundering and theft involving N6.9 billion. They pleaded not guilty.
On 2 July 2019, the commission re-arraigned both defendants. During the last court appearance on 19 May 2025, Fayose’s lawyer, Chief Kanu Agabi (SAN), urged the court to uphold the no-case submission filed on 16 May 2025, arguing that the EFCC had not provided sufficient evidence to warrant a defence.
He also pointed out that one Abiodun Agbele, a key figure allegedly involved in the transactions, was not charged alongside Fayose, weakening the basis of the conspiracy and breach of trust charges.
Counsel to Spotless Investment, Olalekan Ojo (SAN), supported the no-case motion.
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EFCC’s Counterargument
Prosecuting counsel Rotimi Jacobs (SAN) opposed the submissions, insisting the financial transactions in question were suspicious. He argued that Fayose used associates to acquire properties at home and abroad, yet those individuals later denied owning the assets—despite Fayose admitting to them during interrogation.
Jacobs questioned why Fayose didn’t use his own bank account if the transactions were legitimate.
Court’s Decision
Justice Chukwujekwu Aneke ruled in favour of Fayose, discharging and acquitting him. The court held that the EFCC failed to establish a prima facie case or sufficiently link Fayose to the alleged crimes.
In a statement shortly after the ruling, the EFCC announced it is reviewing the judgment and has instructed its legal team to file an appeal. The commission reaffirmed its commitment to justice and the rule of law.
