EFCC Appeals Acquittal of Former Lagos Speaker Ikuforiji in N338.8m Money Laundering Case
The Economic and Financial Crimes Commission (EFCC) has launched another appeal against the acquittal of former Lagos State House of Assembly Speaker, Adeyemi Ikuforiji, on money laundering charges.
Ikuforiji and his former aide, Oyebode Atoyebi, faced a 54-count indictment related to an alleged N338.8 million money laundering scheme. However, on June 24, 2024, Justice Mohammed Liman acquitted Ikuforiji of all charges.
Displeased with this ruling, the EFCC has filed a notice of appeal, with prosecutor Mr. Ekene Ihenacho (SAN) arguing that the trial court made legal errors, particularly in its interpretation of the charges related to cash transactions. Ihenacho contended that the court incorrectly determined that the first count did not raise a significant legal issue and overlooked evidence showing that the defendants engaged in transactions exceeding the thresholds established by the Money Laundering (Prohibition) Act of 2004 and 2011.
According to Ihenacho, the evidence presented during the trial demonstrated that Ikuforiji and Atoyebi accepted cash payments that bypassed financial institutions, directly violating the Money Laundering Act. He also pointed out that the trial court failed to adhere to prior appellate court decisions in cases involving Ikuforiji and Atoyebi.
The prosecutor stressed that the lower court did not adequately consider the prosecution’s case or the legal elements necessary for a conviction. He highlighted that previous rulings from both the Court of Appeal and the Supreme Court confirmed that the EFCC had established a prima facie case against the defendants.
As of now, no date has been set for the appeal hearing.
Ikuforiji and Atoyebi were first arraigned on March 1, 2012, on charges of financial misappropriation and money laundering. Initially pleading not guilty, they were granted bail but later faced re-arraignment before Justice Ibrahim Buba. In September 2014, Buba discharged them after upholding their no-case submissions, ruling that the EFCC had not established a prima facie case.
Dissatisfied, the EFCC appealed this decision, leading to a fresh trial ordered by the Lagos Division of the Court of Appeal in November 2016. The Supreme Court subsequently upheld this order, resulting in the case being reassigned to Justice Liman, who acquitted the defendants in June 2024.
The charges against Ikuforiji and Atoyebi involve accepting cash payments exceeding legal thresholds without going through a financial institution, as they allegedly conspired to accept a total of N338.8 million from the Lagos State House of Assembly. The EFCC claims that Ikuforiji misappropriated funds during his tenure from April 2010 to July 2011, violating multiple provisions of the Money Laundering (Prohibition) Act.
