- The EFCC alleged Fayose received N1.8bn from Obanikoro without passing through a licensed financial institution.
- He was also accused of keeping N300m in his Zenith Bank account linked to criminal activities.
The Federal High Court in Lagos has acquitted former governor of Ekiti State, Ayodele Fayose, of alleged N3.3bn money laundering charges.
The presiding judge, Justice Chukwujekwu Aneke, delivered the ruling on Wednesday, discharging the former governor on all 11 counts.
The court upheld Fayose’s no-case submission, ruling that the prosecution failed to establish a prima facie case against him.
Justice Aneke said the Economic and Financial Crimes Commission failed to provide sufficient evidence linking the defendant to the alleged offences.
He noted that the witnesses presented by the prosecution and the documents tendered were not enough to sustain the charges in court.
The EFCC had accused Fayose of collecting N1.8bn in cash from a former minister of state for defence, Senator Musiliu Obanikoro.
The anti-graft agency claimed the funds were received without passing through a financial institution, thereby breaching money laundering laws.
The Commission also alleged that Fayose retained N300m in his Zenith Bank account and handled N622m suspected to be criminal proceeds.
It further accused him of directing De Privateer Ltd and Still Earth Ltd to retain N851m in accounts held with Zenith and FCMB.
The EFCC said the funds were proceeds of crime, which the companies should have recognised as illegal.
Fayose was also alleged to have spent N1.6bn on property in Lagos and Abuja, knowing the funds were of illicit origin.
He was said to have used N200m to buy a property in Abuja in the name of his elder sister, Moji Oladeji.
The alleged actions were said to be in breach of several sections of the Money Laundering Prohibition Act of 2011.
Fayose pleaded not guilty to all charges during the course of the trial.
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