According to Ayodele Fayose, a former governor of Ekiti State, he has “no case to answer” and has asked the Federal High Court in Ikoyi, Lagos, to reject the N2.2 billion fraud accusation that the EFCC has leveled against him.
In their no-case plea before Justice Chukwujekwu Aneke, Fayose’s defense team—led by Chief Kanu Agabi (SAN) and Olalekan Ojo (SAN)—contended that the prosecution’s witnesses and evidence were founded on speculation.
“The prosecution’s witnesses and the evidence they presented were entirely speculations, which undermines the validity of the defendants’ case,” the defense attorney argued, pleading with the court to accept their “no case submission. On October 18, 2018, Fayose and Spotless Investment Limited were first charged with eleven counts by the EFCC.
According to the agency, Senator Musiliu Obanikoro reportedly transferred over N2.2 billion from Sylvan Mcnamara Limited, a business associated with the Office of the National Security Adviser (ONSA) during the tenure of Col. Sambo Dasuki (rtd). During the 2014 Ekiti governorship race, Fayose allegedly benefited from the cash that were diverted.
Nevertheless, Senator Obanikoro informed the court during his under oath evidence that the cash he sent were generated through contributions, fundraising, and campaign launch events. The money, he claimed, was in his possession since he was chairman of multiple campaign committees.
Furthermore, Obanikoro said that he was subjected to coercion and maltreatment while the EFCC investigated him. He went on to say that he had no business representing Sylvan Mcnamara since he was not a director, shareholder, or agent of the corporation.
Abiodun Agbele was never charged, according to Chief Agabi, despite his crucial role; he was purportedly the one who disbursed the monies. In addition, as shown in the court filings, Fayose was not included in the list of beneficiaries from Sylvan Mcnamara’s account.
The defense emphasized the testimony of nine bank personnel who verified that the defendants’ accounts had valid monies and had not been identified by regulatory organizations.
In response to the EFCC’s allegation that the money was transferred into Fayose’s account without authorization, the defense argued 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. If the monies brought by Obanikoro were to be illegitimate, they would not have lodged them in an account.”
The defense argued that the name Ayo on the teller slips was not written by Ayodele Fayose, the first defendant. Another prosecution witness, Abiodun Adekoya Oshode, who was the Assistant General Manager of Zenith Bank Plc at the time, testified on behalf of the prosecution on October 22, 2019, saying: “I did not see his Excellency filling or lodging in any money either at Ado-Ekiti or Akure Branch of the Bank…” The 1st Defendant did not make the deposit slips bearing the name Ayo, as far as I am aware.
“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,” confirmed Alade Oluseye, the bank’s Akure branch manager.
Fayose did not have any recorded interactions with Colonel Dasuki or Senator Obanikoro, as Muhammed Madaki, the investigative officer of the EFCC, acknowledged under cross-examination.
Based on our investigation, it appears that the 1st Defendant did not engage in any communication with the NSA,” stated Madaki.
No evidence of communication between Ayodele Fayose and Senator Musiliu Obanikoro was also found throughout our research. We did not disclose the assertions that the NSA made to the 1st Defendant over the course of this litigation.
The defense went on to say that the money was for a campaign, and Obanikoro verified on oath that Fayose had benefited from it.
The defense argued that senator Musiliu Obanikoro’s gifts were collected by Ayodele Fayose and that nothing more could be inferred.
The EFCC also called in Mr. Ademola Famokun, a member of the PDP (PW20), who testified that the money had come from party donations as well as purchases of party cards and nomination forms. Famokun said that Obanikoro had handled the money and given it to Fayose for his campaign.
“He equally stated that the PDP’s activities are not funded by the NSA at all material time,” the defense noted. In order to rule on the no-case submission, Justice Aneke postponed the proceedings until July 10, 2025.