SPV saga: Court throws out Keyamo’s ‘money laundering’ suit against Atiku


A Federal High Court sitting in Abuja has dismissed a money laundering suit filed by ex-Minister of State for Labour and Employment, Festus Keyamo against former Vice President Atiku Abubakar.

In the suit marked FHC/ABJ/CS/84/2023, Keyamo asked the court for an order compelling Atiku “to submit himself to the CCB, ICPC and EFCC for thorough investigation”.

Keyamo had alleged that Abubakar, while in office as vice president from 1999 to 2007, used a bank account belonging to a company named Marine Float, and other accounts of two undisclosed companies, as ‘Special Purpose Vehicles (SPVs)’.

Keyamo alleged that Atiku used these SPVs to secretly divert and misappropriate public funds.

Assistant head of the Keyamo chambers, John Anietor, said the case was dismissed because the court was of the opinion that law enforcement agencies were not given sufficient time to commence investigations before the suit was filed.

However, Keyamo said he will appeal the dismissal of the suit.  

“Our client respectfully disagrees with the reasons for the said decision because the law enforcement agencies did not indicate their willingness to commence investigations, even if they were given more time.

“We want to establish a legal principle that society cannot wait ad infinitum for law-enforcement agencies to do their statutory duties. The suit was designed to prompt the agencies to show their readiness to investigate,” the statement reads.

“We are immediately filing an appeal against the decision to the Court of Appeal as the struggle on this issue continues.”