Justice Chukwujekwu Aneke of the Federal High Court in Lagos has adjourned the trial of former Ekiti State Governor Ayodele Fayose, who faces 11 counts of money laundering and fraud involving N3.3 billion. The adjournment followed the testimony of Ibrahim Mahe, a retired permanent secretary in the Office of the Secretary to the Government of the Federation and the 16th prosecution witness.

During his testimony, Mahe revealed that N2 billion deposited into the account of Sylvan McNamara Ltd with Diamond Bank was allocated for security purposes. The Economic and Financial Crimes Commission (EFCC) alleges that Fayose received a cash payment of N1.8 billion from then Minister of State for Defence, Senator Musiliu Obanikoro, without routing the transaction through any financial institution, thereby exceeding the legal limit.

The EFCC further claims that Fayose retained N300 million in his Zenith Bank account and had control over approximately N622 million, which he should have recognized as proceeds of crime. Additionally, he allegedly instructed De Privateer Ltd and Still Earth Ltd to retain a total of N851 million in their Zenith and FCMB accounts, funds he ought to have identified as criminal proceeds.

Furthermore, the charges state that Fayose used about N1.6 billion to acquire properties in Lagos and Abuja, knowing these funds were derived from illegal activities. He is also accused of using N200 million to purchase a property in Abuja in the name of his elder sister, Moji Oladeji, which he similarly should have recognized as part of crime proceeds.

These actions contravene various sections of the Money Laundering Prohibition Act of 2011. Fayose has pleaded not guilty to all charges against him.