Alleged Fraud: Fayose’s money laundering trial stalled

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The money laundering trial of a former Governor of Ekiti State, Ayodele Fayose, was on Monday, stalled before a Federal High Court Lagos as the trial court did not sit.

The trial, which was fixed for continuation on Monday, could not proceed as the trial judge, Chukwujekwu Aneke, was said to be attending a conference.

A new date will now be agreed on by the parties in due course

Mr Fayose is being prosecuted by the Economic and Financial Crimes Commission (EFCC) for N6.9 billion fraud and money laundering charges.

He was first arraigned on October 22, 2018, before Justice Mojisola Olatotegun, alongside his company, Spotless Investment Ltd, on 11 counts bordering on fraud and money laundering offences.

He pleaded not guilty to the charges and was granted bail on October 24, 2018, in the sum of N50 million with sureties in like sum.

The defendant, was, however, re-arraigned before Justice Chukwujekwu Aneke, on July 2, 2019, after the case was withdrawn from Mrs Olatoregun, following EFCC’s petition.


He also pleaded not guilty to the charges and was allowed to continue on the earlier bail granted, while the case was adjourned for trial.

The commission has since opened its case before Mr Aneke and is still leading witnesses in evidence.

In December 2021, EFCC called its 11th witness, Joanne Tolulope, who narrated how Abiodun Agbele, an associate of Mr Fayose, bought properties worth several millions of naira.

The trial will now continue on the next adjourned date.

The News Agency of Nigeria (NAN) reports that during the trial before Mrs Olatoregun, the prosecution had called witnesses from several commercial banks, as well as a former Minister of State for Defence, Musiliu Obanikoro.

According to the charge, on June 17, 2014, Mr Fayose and one Abiodun Agbele were said to have taken possession of the sum of N1.2 billion, for purposes of funding his gubernatorial election campaign in Ekiti, which sum they reasonably ought to have known formed part of crime proceeds.

Mr Fayose was alleged to have received a cash payment of $5 million (about N1.8 billion) from Mr Obanikoro without going through any financial institution.

He was also alleged to have retained the sum of N300 million in his account and took control of the aggregate sums of about N622 million which sum he reasonably ought to have known formed part of crime proceeds.

Mr Fayose was alleged to have procured De Privateer Ltd and Still Earth Ltd, to retain the aggregate sums of N851 million which they reasonably ought to have known formed part of crime proceeds.

Besides, the defendant was alleged to have used the aggregate sums of about N1.6 billion to acquire properties in Lagos and Abuja, which sums he reasonably ought to have known formed part of crime proceeds.

He was also alleged to have used N200 million to acquire a property in Abuja, in the name of a family member.

The offences contravene the provisions of sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d), and 18 (c) of the Money Laundering Prohibition Act 2011.

(NAN)


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