Former Ekiti State Governor, Ayodele Fayose, has urged the Federal High Court in Ikoyi, Lagos, to dismiss the N2.2 billion fraud case brought against him by the Economic and Financial Crimes Commission (EFCC), arguing that he has “no case to answer.”
Fayose’s legal team, led by Chief Kanu Agabi (SAN) and Olalekan Ojo (SAN), made a no-case submission before Justice Chukwujekwu Aneke, contending that the prosecution’s witnesses and evidence were based on speculation.
“All the witnesses that testified for the prosecution including the exhibits tendered were based on mere speculations, which would not warrant the defendants’ evidence,” the defence counsel stated, urging the court to uphold their “no case submission.”
The EFCC had initially filed an 11-count charge against Fayose and Spotless Investment Limited on October 18, 2018.
The agency alleged that about N2.2 billion was withdrawn and delivered by Senator Musiliu Obanikoro from Sylvan Mcnamara Limited, a company allegedly linked to the Office of the National Security Adviser (ONSA) under Col. Sambo Dasuki (rtd). The funds were allegedly diverted for Fayose’s benefit during the 2014 Ekiti governorship election.
However, during testimony under oath, Senator Obanikoro told the court that the funds he delivered were proceeds from donations, fundraising, and campaign launch activities. He said, as Chairman of various campaign committees, he was in custody of the money.
Obanikoro also revealed that he was coerced and maltreated during EFCC investigations. He clarified that he was neither a director nor a shareholder in Sylvan Mcnamara, nor did he have the authority to act on behalf of the company.
Chief Agabi also argued that Abiodun Agbele—allegedly the conduit for the disbursement of funds—was never charged, despite his central role. Furthermore, documents tendered in court showed a list of beneficiaries from Sylvan Mcnamara’s account, but Fayose’s name was not among them.
The defence highlighted that nine bank officials testified during the trial, confirming that all funds in the defendants’ accounts were considered legitimate and were not flagged by regulatory agencies.
Addressing the EFCC’s claim that the funds were illegitimately deposited into Fayose’s account, the defence noted 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.”
Regarding Fayose’s name on some bank teller slips, the defence maintained: “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.’”
Similarly, the bank’s Akure branch manager, Alade Oluseye, confirmed: “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.”
The EFCC’s own investigating officer, Muhammed Madaki, also admitted under cross-examination that Fayose had no documented interaction with either Col. Dasuki or Senator Obanikoro.
“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 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.’”
The defence further argued that the funds in question were campaign-related, and Obanikoro confirmed on oath that Fayose was indeed a beneficiary.
“It can only be reasonably concluded that Ayodele Fayose collected the donations in custody of Senator Musiliu Obanikoro without more,” the defence submitted.
The EFCC also subpoenaed a PDP official, Mr. Ademola Famokun (PW20), who testified that the funds were party donations and revenues from sales of nomination forms and party cards, managed by Obanikoro and delivered to Fayose for campaign purposes.
“He equally stated that activities of the PDP at all material time are not funded by the NSA,” the defence noted.
Justice Aneke adjourned the matter to July 10, 2025, for ruling on the no-case submission.
