N100m Fraud: Fani-Kayode Knows Fate Today

A Federal High Court in Lagos will on Monday (today) rule on a no-case submission filed by the former Aviation Minister, Femi Fani-Kayode, to the money laundering charges filed against him by the Economic and Financial Crimes Commission (EFCC).

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If the ruling is decided in Fani-Kayode’s favour, that will automatically end the matter before the court.

If otherwise, Fani-Kayode will be asked to open his defence to the allegations against him.

Justice Rita Ofili-Ajumogobia had fixed the ruling date after lawyers to Fani-Kayode and EFCC adopted and argued their addresses for and opposition to the no-case submission.

After the EFCC had concluded its case against Fani-Kayode, the former minister elected not to put in a defence, and instead filed a no-case submission.

In the no-case submission, Fani-Kayode is contending that the EFCC failed to establish prima facie case of fraud against him, and urged the court to so hold.

He argued that there was no nexus between him and the alleged offence.

But on the other hand, EFCC is urging the court to dismiss the no-case submission on the ground that it was incompetent and frivolous.

The agency also wants the court to order Fani-Kayode to enter his defence to the charges.

The former minister was tried on an amended 40-count charge of laundering about N100, 219,500 by paying them into his personal account through an associate.

The EFCC alleged in the charges that on or about November 22, 2006, Fani-Kayode made a financial transaction exceeding N500, 000, which was not done through a financial institution.

It said he accepted cash payment of N10 million, which was carried in cash to First Inland Bank, Plc, Apapa Branch, (now First City Monument Bank Plc), through his close associate, Mark Saviour Ndifreke, said to be at large.

The money, EFCC alleged, was put into Fani-Kayode’s investment account for 90 days, an offence contrary to Section 15(1) (d) and punishable under Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2004.

Other counts stated that he carried out some of the transactions exceeding N500, 000 while also serving as Minister of Culture and Tourism.

Author: News Editor

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