SaharaReporters has been reliably informed by top sources close to the case that the government, through its prosecutorial agencies, is working behind the scenes to ensure the case collapses at the Federal High Court, Lagos.
There are fresh concerns that the Nigerian government is scheming to abandon the high-profile money laundering case against former Ekiti State Governor, Ayodele Fayose, despite what insiders describe as overwhelming evidence of wrongdoing.
SaharaReporters has been reliably informed by top sources close to the case that the government, through its prosecutorial agencies, is working behind the scenes to ensure the case collapses at the Federal High Court, Lagos.
Fayose, who served as governor from 2014 to 2018, is standing trial on an 11-count charge of money laundering in Charge No: FHC/L/353C/2018, brought by the Economic and Financial Crimes Commission (EFCC).
He is accused of receiving ₦2.2 billion from the Office of the National Security Adviser (NSA) during the 2014 Ekiti governorship election, funds which prosecutors say were diverted for personal gain rather than used for his campaign.
The Alleged Scheme
According to prosecution evidence presented in court, Fayose allegedly coordinated with then Minister of State for Defence, Senator Musiliu Obanikoro, to collect ₦2.2 billion that the NSA had wired to Sylvan Mcnamara Limited, a company linked to Obanikoro.
The funds, meant ostensibly for the purchase of security equipment, were never used for that purpose. Instead, they were withdrawn in cash — ₦1.2 billion in Naira and about $5 million in U.S. dollars — and handed over to Fayose via clandestine deliveries involving bullion vans and private aircraft.
Summary of Prosecution’s Case Against Fayose
The prosecution’s case revolves around the allegation that Fayose, while serving as the PDP governorship candidate in the 2014 Ekiti State election, fraudulently received and laundered ₦2.2 billion sourced from the Office of the NSA, funds originally intended for the purchase of security equipment.
The prosecution presented the following as evidence to the court: In 2014, Fayose was the governorship candidate of the People’s Democratic Party (PDP) in Ekiti State. During preparations for his re-election campaign, he allegedly solicited financial support from government sources outside of the legitimate party structure.
Fayose reportedly contacted Senator Obanikoro, who was then Defence Minister, to inquire whether the NSA, under Col. Sambo Dasuki, had released funds for his campaign. Initially, Obanikoro responded that no funds had been received but promised to follow up.
Obanikoro later confirmed to Fayose that the NSA had credited the account of Sylvan Mcnamara Limited, a shell company under Obanikoro’s control, with ₦2.2 billion, ostensibly for the purchase of security equipment. However, no such equipment was purchased.
Instead, the funds were intended for Fayose’s campaign, but were routed covertly through Sylvan Mcnamara and Obanikoro rather than directly to Fayose, his company, or the PDP.
To conceal the transaction, Fayose rejected any direct transfer to his or his associates’ accounts. He insisted on cash delivery—both in Naira and US Dollars—to avoid tracing. Obanikoro contacted Diamond Bank, where the funds were lodged, to request cash in Ado-Ekiti, but the bank indicated it could not provide such a large sum at that location.
Following Fayose’s directive, Obanikoro arranged for ₦1.2 billion and an additional ₦200 million to be withdrawn in Lagos, along with about $5 million in cash. The money was airlifted from Murtala Mohammed Airport in Lagos to Akure Airport in Ondo State on June 16 and 17, 2014.
Fayose instructed his trusted associate, Abiodun Agbele, to meet Obanikoro at the Akure Airport with Zenith Bank officials and a bullion van. Agbele received about ₦1.19 billion, which was transported to the bank, counted, and deposited into accounts of companies linked to Fayose and Agbele.
Obanikoro then proceeded to Ado-Ekiti where he handed over approximately $5 million directly to Fayose.
The prosecution said Fayose deposited the Naira and dollar proceeds into accounts of De-Privateer Limited (belonging to Agbele), his own firm Spotless Limited, and his personal accounts. He allegedly converted the dollars to Naira and spread the funds across various accounts.
Despite receiving funds purportedly for his election campaign, Fayose allegedly used none of the money for the election. Instead, he diverted it to buy properties in Lagos and Abuja. These purchases were structured to conceal his ownership and evade detection.
Acquisition of Properties
Fayose allegedly used ₦1.3 billion to buy four chalets on Tiamiyu Savage Street, Victoria Island, Lagos. The properties were registered in the name of J.J Technical Limited, a company linked to Lebanese contractors, who testified (PW17 & PW18) that they had no knowledge of the purchases.
The prosecution also told the court that he bought 44 Osun Crescent, Maitama, Abuja, for ₦200 million in April 2015, using his sister Moji Ladeji as the named purchaser to hide his interest.
He was also said to have acquired Plot 1504, Yedsema Street, Maitama, Abuja, for ₦270 million in the name of his company Spotless Limited, which was the only property bought in a company name connected directly to him.
Disproving Fayose’s Defence
Fayose claimed in his statement to the EFCC that the funds were legitimate campaign donations raised by the PDP’s national leadership and that unspent funds were left in the accounts. The prosecution called PDP officials as witnesses, who confirmed that campaign funds were raised locally in Ado-Ekiti and that no money was sourced from the NSA.
Despite what the prosecution described as overwhelming evidence of money laundering, Fayose’s legal team argued that no case had been established to require him to present a defence.
A Looming Judicial Decision
The Federal High Court is scheduled to rule on July 10, 2025, on whether Fayose must enter his defence following the prosecution’s case. Fayose’s legal team has argued that no prima facie case has been established against him, despite the detailed testimonies and documentary evidence.
Sources who spoke to SaharaReporters on condition of anonymity say powerful interests within President Bola Tinubu’s administration are pushing for the case to be quietly buried.
“There’s a coordinated plan to frustrate the prosecution so that the court is left with no choice but to dismiss the charges for lack of diligent prosecution,” one source said.
“This is despite the clear evidence linking Fayose to the illicit funds and the properties he acquired with them. The government just doesn’t want this case to proceed,” the source added.
There are fears that this may be part of a broader pattern where politically connected figures escape accountability, despite ongoing public outrage over corruption and abuse of office.
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