The Economic and Financial Crimes Commission (EFCC) has announced plans to appeal the judgement of the Federal High Court sitting in Ikoyi, Lagos, which on Wednesday acquitted and discharged former Ekiti State Governor, Ayodele Fayose, of alleged N6.9 billion fraud.

In a statement posted via its official X handle, the Commission said it is reviewing the ruling delivered by Justice Chukwujekwu Aneke and is already briefing Its legal team in preparation for an appeal.

“Sequel to the judgement of Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos on Wednesday, July 16, 2025, acquitting and discharging a former Governor of Ekiti State, Mr. Ayo Fayose from an alleged money laundering case preferred against him by the Economic and Financial Crimes Commission, EFCC, the Commission wishes to state that it is already studying the ruling and preparing for an appeal,” the agency wrote.

“The former governor was re-arraigned on Tuesday, July 2, 2019, alongside Spotless Investment Limited on an 11-count charge bordering on money laundering and stealing to the tune of N6.9bn ( Six Billion Nine Hundred Naira).

“The EFCC reaffirms its commitment to the rule of law as it briefs its counsel to appeal the judgement.”

Fayose was re-arraigned on 2 July 2019, alongside his company, Spotless Investment Limited, on an 11-count charge bordering on money laundering and theft.

The case, initially filed in 2018 before Justice Mojisola Olatoregun, was later reassigned to Justice Aneke.

Delivering judgement on Wednesday, Justice Aneke upheld a no-case submission filed by Fayose’s counsel, Chief Kanu Agabi (SAN), and held that the prosecution had failed to establish a prima facie case against the defendants.

The judge ruled that the EFCC was unable to prove any link between Fayose and the alleged offences. He stated that none of the prosecution witnesses or the documents tendered could substantiate the allegations beyond a reasonable doubt.

According to him, the predicate offences upon which the charges were based were insubstantial.

Justice Aneke also noted that criminal breach of trust and conspiracy are distinct charges and highlighted that no co-conspirator was charged alongside the former governor.

He criticised the credibility of key witnesses, including Senator Musiliu Obanikoro, who had claimed he handed over funds to Fayose on behalf of the party, saying the source of the funds remained unclear.

“There is no doubt he was paid, but where did the money come from?” the judge queried, pointing out inconsistencies in the testimonies of Diamond Bank staff and the absence of documentation linking the transactions to Fayose.

On the charge of failure to declare assets, Justice Aneke ruled that at the time of his arraignment, Fayose was a private citizen and therefore not subject to such obligations under the law.

The judge held, “The no-case submission succeeds. The first and second defendants are hereby discharged.”

Following the verdict, Fayose, visibly emotional, broke down in tears as he emerged from the courtroom, kneeling in praise and thanking God for his freedom after seven years of trial. He also extended gratitude to his legal team.

Despite entering a not-guilty plea at the onset of the trial, Fayose consistently maintained his innocence.

The charges against him included receiving N1.2 billion and $5 million in cash from Senator Obanikoro for his 2014 gubernatorial campaign and laundering over N1.6 billion through companies such as De Privateer Ltd and Still Earth Ltd. (Channels TV)