The Economic and Financial Crimes Commission (EFCC) has announced plans to appeal the judgement of the Federal High Court in Ikoyi, Lagos, which on Wednesday acquitted and discharged former Ekiti State Governor, Ayodele Fayose, of alleged ₦6.9 billion fraud.
In a statement posted on its official X handle, the EFCC said it is reviewing the ruling delivered by Justice Chukwujekwu Aneke and has already begun briefing its legal team in preparation for an appeal.
“Following the judgement of Justice Chukwujekwu Aneke of the Federal High Court in Ikoyi, Lagos, on Wednesday, 16 July 2025, which acquitted and discharged Mr Ayo Fayose from an alleged money laundering case brought by the EFCC, the Commission wishes to state that it is already studying the ruling and preparing for an appeal,” the statement read.
The former governor had been re-arraigned on 2 July 2019, alongside his company, Spotless Investment Limited, on an 11-count charge of money laundering and theft amounting to ₦6.9 billion.
The case, initially filed in 2018 before Justice Mojisola Olatoregun, was later transferred to Justice Aneke.
Delivering his judgement, Justice Aneke upheld the no-case submission filed by Fayose’s counsel, Chief Kanu Agabi (SAN), ruling that the EFCC failed to establish a prima facie case against the defendants.
The judge stated that the Commission did not prove any direct link between Fayose and the alleged offences, noting that neither witness testimonies nor documentary evidence substantiated the charges beyond reasonable doubt.
He found the predicate offences on which the charges were based to be insubstantial and stressed that criminal breach of trust and conspiracy are distinct charges. He also pointed out that no co-conspirator was charged alongside Fayose.
Justice Aneke criticised the credibility of key witnesses, including Senator Musiliu Obanikoro, who claimed he delivered funds to Fayose on behalf of the party. The judge questioned the origin of the funds and highlighted inconsistencies in the testimonies of Diamond Bank staff, along with the lack of documentation linking the funds to Fayose.
On the charge of failing to declare assets, Justice Aneke ruled that Fayose was a private citizen at the time of arraignment and thus not legally required to fulfil such obligations.
He concluded, “The no-case submission succeeds. The first and second defendants are hereby discharged.”
After the ruling, a visibly emotional Fayose broke down in tears, knelt in gratitude, and thanked God for his freedom after seven years of trial. He also expressed appreciation to his legal team.
Fayose had pleaded not guilty from the outset and consistently maintained his innocence. The charges included receiving ₦1.2 billion and $5 million in cash from Senator Obanikoro to fund his 2014 gubernatorial campaign, and laundering over ₦1.6 billion through companies such as De Privateer Ltd and Still Earth Ltd.