Fayose’s Money Laundering Trial Faces Another Delay As Court Adjourns Proceedings

Fayose’s Money Laundering Trial Faces Another Delay As Court Adjourns Proceedings

The trial of the former Governor of Ekiti State, Ayodele Fayose, on charges of alleged N6.9 billion fraud and money laundering, faced a setback on Wednesday. The federal high court in Lagos, where the proceedings were scheduled, did not sit as the presiding Judge, Justice Chukwujekwu Aneke, was reportedly on an official assignment. Consequently, the case has been adjourned until March 8 for the continuation of the trial……….CONTINUE READING

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Fayose is facing prosecution by the Economic and Financial Crimes Commission (EFCC) and was initially arraigned on October 22, 2018, before Justice Mojisola Olatotegun. The charges, which include 11 counts of fraud and money laundering, also involve his company, Spotless Investment Ltd. Fayose 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The legal proceedings took a turn when the case was withdrawn from Justice Olatotegun following a petition by the EFCC. Subsequently, Fayose and his co-defendant were re-arraigned before Justice Chukwujekwu Aneke on July 2, 2019, where he maintained his plea of not guilty and continued on the bail granted by Olatotegun.

The EFCC has been presenting its case before Justice Aneke, alleging that on June 17, 2014, Fayose and another individual took possession of N1.2 billion for the purpose of funding his gubernatorial election campaign in Ekiti, which the commission claims is part of crime proceeds. The charges further include the receipt of a cash payment of five million dollars without going through a financial institution and the retention of N300 million in Fayose’s bank account, among other allegations.

The prosecution contends that Fayose used crime proceeds to acquire properties in Lagos and Abuja, totaling about N1.6 billion. Additionally, the former governor is accused of utilizing N200 million in crime proceeds to acquire a property in Abuja in the name of his elder sister, Moji Oladeji.

The alleged offenses contravene various sections of the Money Laundering Prohibition Act, 2011. Despite the setbacks, the EFCC is actively leading witnesses in evidence as the trial is set to resume in March.

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