Fayose Tells Court He Has No Case To Answer Over Alleged N2.2bn Fraud

Former Governor of Ekiti State, Ayodele Fayose, has appeared before a Federal High Court in Ikoyi, Lagos, in response to allegations of fraud involving N2.2 billion. The case was filed against him by the Economic and Financial Crimes Commission (EFCC). Fayose has urged the court to dismiss the charges, asserting that he “has no case to answer.”

Defense Counsel, Chief Kanu Agabi (SAN) and Olalekan Ojo (SAN), made a no-case submission before Justice Chukujekwu Aneke, arguing that all prosecution witnesses and exhibits were based on mere speculation and did not warrant proceeding with the defendants’ evidence, urging the court to uphold their clients’ no-case submission.

The EFCC had on October 18, 2018, preferred an 11-count charge against Fayose and Spotless Investment Limited, alleging that Senator Musiliu Obanikoro withdrew and delivered about N2.2 billion from Sylvan Mcnamara, a company that failed to execute contracts approved by then NSA Col. Sambo Dasuki, but diverted the funds to benefit Fayose during the 2014 Ekiti governorship election.

The defense highlighted testimonies from Zenith Bank officials who stated under oath that the money was legitimately lodged in the defendants’ account and that Fayose did not personally deposit the money or fill any teller forms bearing his name.

The prosecution called 20 witnesses but the defense maintains the evidence does not implicate Fayose directly.

This no-case submission is a critical stage in the trial, where the court will decide if the prosecution has presented sufficient evidence to warrant a trial or if the case should be dismissed.

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The charge was amended on November 24, 2021, and the EFCC, which called 20 witnesses, closed its case on February 28, 2025.

Senator Obanikoro, however, recanted during evidence on oath that 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.

Obanikoro also stated that he was coerced and maltreated by the EFCC officials at different times during investigation.

In his evidence on Oath before the court, Obanikoro stated that 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 also stated that Abiodun Agbele, who was alleged to have midwifed the funds was not arraigned.

Also, the names of the beneficiaries of the lump sum withdrew 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 officials from various banking institutions also gave evidence for the prosecution. All the bank officials told the court that the money lodged in the account of the defendants were at all materials legitimate, reason it was not queried by the bank’s supervisory agencies.

Counsel to the defenders told the court that “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.

“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.’

“To corroborate the earlier evidence, the Branch Manager of Zenith Bank, Akure, who was PW3, Alade Oluseye, stated in evidence that ‘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.’

“What is more, the Investigation Officer, Muhammed Madaki under cross examination by the Defendants’ Counsel that his investigation did not reveal that Ayodele Fayose had any conversation with Col. Sambo Dasuki the then National security Adviser.

“Madaki’s words ‘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.”

Counsel to the Defendants further said that 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.

The defense counsel also stated that; “It can only be reasonably concluded that Ayodele Fayose collected the donations in custody of Senator Musiliu Obanikoro without more.

“EFCC subpoenaed an official of Peoples Democratic Party (PDP), Mr. Ademola Famokun, a staff of the PDP who testified on oath as PW 20. He shed lights as to the fact that 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 equally stated that activities of the PDP at all material time are not funded by the NSA.”

The court adjourned to July 10, 2025 for ruling on the no case submission.