Fraud Trial Climax: Fayose To Hear Verdict In Explosive N6.9bn Case After 7-Year Delay

Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, is expected to rule on the “no-case submission” filed by Fayose’s legal team, which argues that the prosecution has failed to establish a case against him.

The ruling, initially slated for July 10, was postponed due to the judge’s absence.

Fayose and his company, Spotless Investment Limited, are facing an 11-count charge brought by the Economic and Financial Crimes Commission (EFCC). The commission alleges that Fayose received N1.2 billion to finance his 2014 gubernatorial campaign and accepted a $5 million cash payment from former Minister Musiliu Obanikoro without routing the funds through a financial institution.

At the last hearing on May 19, Fayose’s lead counsel, Chief Kanu Agabi (SAN), argued that the EFCC failed to substantiate its claims, stating that the evidence presented amounted to speculation and lacked the substance to justify continuing the trial.

Agabi also noted that a key figure, Abiodun Agbele, who was allegedly central to the transactions, was not charged alongside Fayose. He further argued that since conspiracy and criminal breach of trust are distinct offences, the absence of co-conspirators undermines the case.

However, EFCC’s counsel, Rotimi Jacobs (SAN), countered by urging the court to reject the no-case submission. He claimed the defendants failed to provide credible explanations for the suspicious financial activities and questioned why Fayose did not use his personal bank accounts if the funds were legitimate.

The court’s decision will determine whether Fayose will be required to open his defence or be discharged from the charges.