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Court Reserves Judgement On Fayose’s Money Laundering Trial

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The federal high court in Lagos could not proceed with the money laundering trial of the former Governor of Ekiti state, Ayodele Fayose, on Wednesday (today).

Naija News understands that the trial faced a setback due to the absence of the presiding Judge, Justice Chukwujekwu Aneke, who was reportedly on an official assignment.

Consequently, the trial has been adjourned until March 8 to allow for its continuation.

Fayose is currently being prosecuted by the Economic and Financial Crimes Commission (EFCC) for his alleged involvement in a N6.9 billion fraud and money laundering scheme.

He was initially arraigned on October 22, 2018, before Justice Mojisola Olatotegun, alongside his company, Spotless Investment Ltd., on 11 counts related to fraud and money laundering.

Fayose, however, entered a plea of not guilty to the charges and was subsequently granted bail on October 24, 2018, in the amount of N50 million with sureties in a similar sum.

Subsequently, the defendants were re-arraigned before Justice Chukwujekwu Aneke on July 2, 2019, after the case was transferred from Olatoregun due to a petition filed by the EFCC.

Fayose also pleaded not guilty before Justice Aneke, who allowed him to continue on the bail previously granted by Olatoregun.

The EFCC has since presented its case before Justice Aneke and is currently presenting witnesses and evidence, Naija News understands.

According to the commission, on June 17, 2014, Fayose and Abiodun Agbele allegedly took possession of N1.2 billion to fund Fayose’s gubernatorial election campaign in Ekiti.

The commission further alleges that this sum constitutes proceeds of criminal activity.

Fayose is also accused of receiving a cash payment of five million dollars from the then Minister of State for Defence, Sen. Musiliu Obanikoro, bypassing any financial institution.

The EFCC also claims that the ex-governor held onto N300 million in his bank account and managed the total sums of about N622 million, which were part of the proceeds of crime.

Furthermore, it is alleged that Fayose directed De Privateer Ltd. and Still Earth Ltd. to retain total sums of N851 million, which were part of the proceeds of the crime.

The commission also alleges that Fayose used approximately N1.6 billion from the proceeds of crime to purchase properties in Lagos and Abuja.

Additionally, the former governor supposedly utilized N200 million from the proceeds of crime to buy a property in Abuja under the name of his elder sister, Moji Oladeji.

These alleged actions are said to violate Sections 15(1), 15(2), 15(3), 16(2)(b), 16(d), and 18(c) of the Money Laundering Prohibition Act, 2011.



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