Fayose Remanded Over Alleged N6.9bn Fraud

Ayodele Fayose, the immediate past governor of Ekiti State, was on Monday docked by the Economic and Financial Crimes Commission (EFCC) before Justice Mojisola Olatoregun of the Federal High Court, Lagos.

Fayose In Court

Justice Olatoregun ordered that Fayose be remanded in EFCC custody till Wednesday, October 24, when his bail application would be entertained after Fayose pleaded not guilty to all eleven counts charge on the alleged fraud brought against him by the EFCC.

He was brought before the court on 11-count charge bordering on money laundering, abuse of public office, criminal breach of trust, and stealing up to the tune of N4.7 billion preferred against him by the EFCC.

Fayose, alongside his company, Spotless Investment Nigeria Limited, and one Abiodun Agbele (not in court), were arraigned on the said fraud before the court.

He, however, pleaded not guilty to the charges.

After his plea was taken, the prosecutor, Rotimi Oyedepo, pleaded with the court for a trial date and asked that Fayose be remanded pending the conclusion of trial.

In his response, Fayose’s counsel, Kanu Agabi (SAN), a former Attorney General of the Federation (AGF), while conceding to the trial date as requested by the prosecutor, informed the court that he had filed a motion for bail, and same had been served on the prosecution. He urged the court to hear the motion.
The prosecutor, Oyedepo, confirmed service of the bail application but told the court that he needed time to respond.

According to the charge marked FHC/L/353c/18, EFCC alleged that on June 17, 2014, Fayose and Agbele were said to have taken possession of the sum of N1.2 billion for purposes of funding his gubernatorial election campaign in Ekiti State, which sum they reasonably ought to have known formed part of crime proceeds.

The former governor was alleged to have received a cash payment of the sum of $5 million (about N1.8 billion) from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution and which sum exceeded the amount allowed by law.

Besides, he was alleged to have retained the sum of N300 million in his Zenith Bank account and took control of the aggregate sums of about N622 million which sum he ought to have known formed part of crime proceeds.

He was alleged to have procured De Privateer Ltd and Still Earth Ltd to retain in their Zenith and FCMB accounts, the aggregate sums of N851 million which they reasonably ought to have known formed part of crime proceeds.

He was alleged to have used the aggregate sums of about N1.6 billion to acquire properties in Lagos and Abuja, which sums he reasonably ought to have known formed part of crime proceeds.

The accused was further alleged to have used the sum of N200 million to acquire a property in Abuja in the name of his elder sister, Moji Oladeji, which sum he ought to know also formed part of crime proceeds.

The prosecutor said the offences contravened the provisions of sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d),
and 18 (c) of the Money Laundering Prohibition Act 2011.