A Federal High Court sitting in Abuja has discharged and acquitted Babatunde Morakinyo, a businessman and philanthropist, and two companies linked to him, of money-laundering charges brought by the Economic and Financial Crimes Commission (EFCC). The charges were based on allegations that Morakinyo and his companies, Iretidu Limited and Three Four Universal Concept Limited, failed to report certain transfers into their accounts as required under applicable money-laundering regulations.
The case, marked FHC/ABJ/CR/75/2020, had Morakinyo and his co-defendants pleading not guilty to the charges. At the close of the prosecution's case, after calling three witnesses and tendering six exhibits, the defence urged the court to discharge the defendants, arguing that the EFCC had failed to establish the essential elements of the alleged offences or sufficiently link the defendants to them.
Justice Peter Lifu, in a ruling delivered on December 12, 2025, upheld the defendants' no-case submission, holding that the prosecution failed to establish a prima facie case linking them to the alleged offences. The judge noted that a prima facie case, at the no-case stage, must be supported by evidence which, if uncontradicted and believed, would be sufficient to establish the prosecution's case.
The judge further held that the evidence presented by the prosecution did not establish that the funds involved were proceeds of crime or otherwise illegitimate funds. He stated that none of the prosecuting witnesses mentioned or testified to the effect of any proceeds of crime, illegitimate or unclean money, or even an attempt to initiate a process of transmitting dirty money to a clean one.
Justice Lifu also noted that the defendants were not adequately informed of the alleged infraction, contrary to the constitutional requirement that an accused person be informed promptly and in detail of the nature of the allegation against him. The court agreed with the defence that certain documentary evidence amounted to hearsay because the person who prepared, endorsed, or authorised the documents was not called to testify and face questioning by the defence.
The court ruled that the absence of evidence establishing the crucial element of proceeds of crime was fatal to the prosecution's case at that stage. Consequently, the submission of no case to answer was upheld, and the defendants were discharged and acquitted. The ruling was made available to newsmen in Abuja on Friday, September 26, 2026.
The discharge and acquittal of Morakinyo and his companies bring an end to the case that had been pending in court since 2020. The EFCC had alleged that Morakinyo and his companies committed money-laundering offences, but the court ruled that the prosecution failed to provide sufficient evidence to link them to the alleged offences.
Key points
- The Federal High Court in Abuja discharged and acquitted Babatunde Morakinyo and two companies linked to him of money-laundering charges due to lack of evidence from the EFCC.
- The court ruled that the prosecution failed to establish a prima facie case linking Morakinyo and his companies to the alleged offences.
- The discharge and acquittal bring an end to the case that had been pending in court since 2020.
