Alleged N6.9bn fraud: Court makes new decision on Fayose’s money laundering case

The anticipated money laundering trial of Ayodele Fayose, the former governor of Ekiti State, hit a roadblock on Friday as the Federal High Court in Lagos did not sit. The reason behind the court’s non-sitting was revealed to be the absence of the presiding judge, Justice Chukwujekwu Aneke, who is reportedly on official assignment.

The trial, brought forth by the Economic and Financial Crimes Commission (EFCC), is in connection to an alleged N6.9 billion fraud and money laundering case. The court had previously scheduled trial dates for January 26, February 21, and February 22.

Fayose, who was initially arraigned on October 22, 2018, before Justice Mojisola Olatotegun, faced charges alongside his company, Spotless Investment Ltd. The charges included 11 counts related to fraud and money laundering. Fayose pleaded not guilty and was granted bail on October 24, 2018, with sureties.

Subsequently, the case was transferred to Justice Chukwujekwu Aneke on July 2, 2019, following a petition by the EFCC. Fayose, maintaining his plea of not guilty, continued on the bail granted by Justice Olatotegun.

The EFCC had commenced presenting its case before Justice Aneke, with a leading witness providing evidence. The commission alleges that on June 17, 2014, Fayose, along with Abiodun Agbele, took possession of N1.2 billion for his gubernatorial election campaign in Ekiti, constituting part of the crime proceeds.

Fayose was accused of receiving a cash payment of five million dollars from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without involving any financial institution. The EFCC contends that the former governor retained N300 million in his bank account and controlled sums totaling about N622 million from the crime proceeds.

Fayose is also accused of utilizing De Privateer Ltd. and Still Earth Ltd. to retain aggregate sums of N851 million as part of the crime proceeds. The EFCC also alleges that Fayose used approximately N1.6 billion in crime proceeds to acquire properties in Lagos and Abuja, as well as N200 million to obtain a property in Abuja in the name of his elder sister, Moji Oladeji.

The charges against Fayose contravene various sections of the Money Laundering Prohibition Act, 2011. The case is set to continue once the court resumes its proceedings. (NAN)