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EFCC Challenges Acquittal in N1.2 Billion Money Laundering Case
In a move to contest a recent court ruling, the Economic and Financial Crimes Commission (EFCC) has filed an appeal with the Court of Appeal. The appeal targets the acquittal of Abiodun Agbele, an associate of former Ekiti State Governor Ayodele Fayose, and three companies linked to them, in a N1.2 billion money laundering case.
The EFCC contends that Agbele, Sylvan Mcnamara Limited, De Privateer Limited, and Spotless Investment Limited unlawfully diverted N1.2 billion from an account associated with Nigeria’s Office of the National Security Adviser (NSA). The funds, earmarked for security purposes, were allegedly used to support Fayose’s gubernatorial campaign.
On June 21, 2024, Justice Nnamdi Dimgba of the Federal High Court ruled in favor of the defendants, upholding their no-case submission. The EFCC, however, expresses strong disagreement with this decision. Citing “overwhelming evidence,” the commission argues the lower court erred in its judgment.
The EFCC’s appeal seeks a two-pronged approach from the Court of Appeal. Firstly, it aims to overturn the initial ruling and establish that Agbele and the three companies have a case to answer on the presented charges. Secondly, the commission seeks to compel the defendants to enter a formal defense before the trial court.
This development signifies the EFCC’s continued pursuit of the case and its intention to hold the defendants accountable for the alleged financial misconduct.
