Alleged N6.9bn Fraud: Trial Of Fayose To Resume Oct. 21

– Federal High Court in Lagos will on Oct. 21 resume trial of former governor of Ekiti State, Ayodele Fayose

– Fayose is being prosecuted by the EFCC over N6.9billion fraud and money laundering charges

– He was also alleged to have used the sum of N200 million, to acquire a property in Abuja

The trial of former governor of Ekiti State, Ayodele Fayose, will now resume on Oct. 21 before a Federal High Court in Lagos.

Fayose is being prosecuted by the Economic and Financial Crimes Ccommission (EFCC) over N6.9billion fraud and money laundering charges.

He was first arraigned on Oct. 22. 2018, before Justice Mojisola Olatotegun, alongside a company, Spotless Investment Ltd, on 11 counts bordering on fraud and money laundering offences.

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He had pleaded not guilty to the charges and was granted bail on Oct. 24, 2018, in the sum of N50 million with sureties in like sum.

Fayose was alleged to have received a cash payment of the sum of five million dollars, (about N1.8 billion) from the then Minister of State for Defence, Sen. Musiliu Obanikoro, without going through any financial institution.

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

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

Besides, the defendant 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.

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He was also 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 forms crime proceeds.

The offences contravenes 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.

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