Ex-Gov. Fayose’s fraud trial to resume December 1

0

A Federal High Court in Lagos Monday adjourned until December 1 the N6.9 billion corruption trial of the former Governor of Ekiti State Ayodele Fayose.

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

He was first arraigned on October 22, 2018, before Justice Mojisola Olatoregun, alongside his company, Spotless Investment Ltd., on 11 counts for money laundering and fraud.

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

According to the charge, on June 17, 2014, Fayose and one Abiodun Agbele, embezzled N1.2 billion and used to fund his gubernatorial election campaign in Ekiti.

Mr Fayose was said to have received five million dollars (about N1.8 billion) cash from then Minister of State for Defence, Musiliu Obanikoro, without the use of the bank.

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.

Mr Fayose allegedly procured De Privateer Ltd and Still Earth Ltd, to retain the sum of N851 million, and used about N1.6 billion to acquire properties in Lagos and Abuja.

He was also alleged to have used N200 million to acquire a property in Abuja, in the name of his elder sister Moji Oladeji.

The EFCC said the offence contravened provisions of sections 15(1), 15 (2), 15 (3), 16(2)(b), 16 (d), and 18 (c) of the Money Laundering Prohibition Act 2011.

(NAN)

Leave A Reply

Your email address will not be published.