Fayose Seeks Dismissal of N2.2bn Fraud Charges, Cites Lack of Evidence
Former Ekiti State Governor, Ayodele Fayose, has asked a Federal High Court sitting in Ikoyi, Lagos, to dismiss the N2.2 billion fraud charges filed against him by the Economic and Financial Crimes Commission (EFCC), saying he has no case to answer.
His legal team, comprising Chief Kanu Agabi (SAN) and Olalekan Ojo (SAN), told Justice Chukujekwu Aneke that the evidence and witnesses presented by the EFCC were speculative and insufficient.
“All the witnesses that testified for the prosecution including the exhibits tendered were based on mere speculations, which would not warrant the Defendants’ evidence,” they submitted, urging the Court to uphold the “no case submission” of their clients.
The EFCC had on October 18, 2018, arraigned Fayose alongside Spotless Investment Limited on 11-count charges.
The anti-graft agency alleged that Senator Musiliu Obanikoro withdrew and delivered N2.2 billion from Sylvan Mcnamara Ltd., a company allegedly used to divert funds under the supervision of former National Security Adviser, Col. Sambo Dasuki.
The prosecution said the funds were used to benefit Fayose during the 2014 governorship election.
However, Senator Obanikoro later recanted, saying under oath that the money he delivered to Fayose was from donations raised for the 2014 Ekiti election campaign.
Obanikoro said, “The money he delivered to Fayose was the fund realized from several donations/fund raising and lunching towards the year 2014 gubernatorial election and being the Chairman of all the committees inaugurated for the said gubernatorial election in Ekiti State, he was in custody of the fund.”
He also claimed, “He was coerced and maltreated by the EFCC officials at different times during investigation.
“He was neither a director nor shareholder nor have the mandate by the company; Sylvan Mcnamara and its representative to act for or on its behalf.”
Kanu Agabi further told the court that Abiodun Agbele, allegedly involved in disbursing the funds, was not charged.
He pointed out that, “The names of the beneficiaries of the lump sum withdrawn by the authorized signatory to Sylvan Mcnamara were conspicuously listed in two different mandate/instruction on the letter head of Sylvan Mcnamara tendered and admitted as exhibits. Fayose’s name or anyone known to him was on the beneficiaries list.”
Nine bank officials testified for the prosecution, with all of them indicating that the funds lodged into Fayose’s account were legitimate.
The defence team submitted: “Contrary to the assertion and submission of the prosecution in opposition to the Defendants’ No Case Submission, filed before the Honourable Court on the 8th day of May, 2025, the Zenith Bank officials stated on oath that they received, counted and deposited the money in an account supplied by Abiodun Agbele to the head of the teller unit, Akure and if the monies brought by Obanikoro was to be illegitimate it would not have been lodged in an account.”
On the authenticity of tellers bearing the name “Ayo,” the counsel submitted:
“That the name Ayo written in the teller were not personally written by the 1st Defendant (Ayodele Fayose), in fact, the second prosecution witness (Abiodun Adekoya Oshode), the then Assistant General Manager of Zenith Bank Plc, stated on 22-10-2019 as follows ‘I did not see his Excellency filling or lodging in any money either at Ado-Ekiti or Akure Branch of the Bank……. I cannot say positively that the deposit slips with the name Ayo was made by the 1st Defendant.’”
The bank’s Akure branch manager, Alade Oluseye (PW3), also testified, “I did not at any time see the 1st defendant (Fayose) filling any teller at Akure branch and the teller unit are under my supervision.”
EFCC investigating officer, Muhammed Madaki, admitted under cross-examination: “Our investigation did not reveal any form of conversation between the 1st Defendant and the NSA, our investigation did not also reveal any form of conversation between the Ayodele Fayose and Senator Musiliu Obanikoro. The NSA made statement to us in the course of this matter but we did not show the said statements to the 1st Defendant.”
The defence counsel concluded, “The fund the EFCC claimed was laundered was campaign funds in custody of Senator Obanikoro, who equally admitted on oath that Fayose was the beneficiary.”
He added, “It can only be reasonably concluded that Ayodele Fayose collected the donations in custody of Senator Musiliu Obanikoro without more.”
Also testifying was Ademola Famokun, a staff of the Peoples Democratic Party (PDP), who said under oath, “There were several committees inaugurated and headed by Senator Musiliu Obanikoro, hence the money realized from donations during fund raising, as well as other monies were handed over to him (Obanikoro) for onward delivery to Fayose, including money made from sales of nomination forms, party cards for the advancement of the party and its candidates in the year 2014.”
He added, “Activities of the PDP at all material time are not funded by the NSA.”
Justice Chukujekwu Aneke adjourned the matter till July 10, 2025, for ruling on the no-case submission.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
