EFCC vs Fayose: What happened in court on Monday
appeared before a Federal High Court, Lagos, and was charged with
N30.8 billion fraud.
Fayose is being prosecuted by the Economic and Financial Crimes
Commission (EFCC) alongside his company — Spotless Investment Ltd — on
an 11-count charge of N30.8 billion fraud.
The News Agency of Nigeria (NAN) reports that he, however, pleaded
innocence of the offences.
After the arraignment of the accused, the defence counsel, Mr Kanu
Agabi (SAN), who is a former Attorney General of the Federation,
informed the court of a motion on notice for the bail of the accused.
He told the court that same had been served on the prosecution.
In response, the EFCC Prosecutor, Mr Rotimi Oyedepo, confirmed service
of the bail application but told the court that he required time to
reply.
Justice Mojisola Olatoregun, consequently adjourned the case until
Oct. 24 for the hearing of the bail application.
Meanwhile, following a plea by the defence counsel on the temporary
remand of Fayose, the court ordered that he be remanded in custody of
the EFCC pending bail.
According to the charge, on June 17, 2014, Fayose and Agbele were said
to have taken possession of the sum of N1.2 billion for purposes of
funding his gubernatorial election in Ekiti State which sum they
reasonably ought to have known formed part of crime proceeds.
Fayose was alleged to have received a cash payment of the sum of five
million dollars, (about N18 billion) from the then Minister of State
for Defence, Sen. Musiliu Obanikoro, without going through any
financial institution and which sum exceeded the amount allowed by
law.
He was also alleged to have retained the sum of N300 million in his
Zenith Bank account and took control of the aggregate sums of about
N622 million which sum he ought to have known formed part of crime
proceeds.
Fayose was alleged to have procured De Privateer Ltd and Still Earth
Ltd, to retain in their Zenith Bank and the FCMB accounts, the
aggregate sums of N851 million which they reasonably ought to have
known formed part of crime proceeds.
Besides, the accused 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.
The accused 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, according to the EFCC, contravene 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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