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Alleged N6.9bn fraud: Witness reveals how Fayose’s associate bought properties worth N1.3bn in four months

Owolola Adebola
The eleventh prosecution witness, PW11, Joanne Tolulope, in the ongoing trial of a former Ekiti State governor, Ayodele Fayose, on Wednesday, December 1st 2021, told Justice Chukujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos how Fayose’s associate, Abiodun Agbele, had bought properties worth N1.3 billion within four months.
The Economic and Financial Crimes Commission, (EFCC,)Lagos Command had, on Tuesday, July 2, 2019, re-arraigned Fayose on an 11-count charge bordering on money laundering and stealing to the tune of N6.9bn( Six Billion Nine Hundred Naira).
Fayose was arraigned alongside one of his firms, Spotless Investment Limited, for the alleged fraud.
The defendants had first been arraigned on October 22, 2018, before Justice Mojisola Olatoregun.
At the resumed sitting on Wednesday, Tolulope, who was led in evidence by the counsel to the prosecution, Rotimi Jacobs, (SAN,) told the court that Agbele bought four chalets from her company, Still Earth Limited, between March and July 2015.
The witness, who is an in-house counsel for Still Earth Limited, also told the court that the company deals in real estate and also renovates properties to meet the needs and expected standards of their clients.
According to her, Agbele had put a call to the company, sometime between March and July 2015, to ask if they had properties for sale.
She said: “Incidentally, we have properties for sale. We discussed Mr. Agbele’s availability to come for an inspection.
“He came sometime in March 2015 to inspect the property and requested two chalets of three-bedroom and four-bedroom respectively and paid N575 million and some fractions for the property.
“Again, in July 2015, he approached us and bought chalets 6 and 9 for N573 million and some figures.
“He also approached us to register the Deed of Assignment in the name of JJ Technical Service.”
However, when Jacobs sought to tender the Deed of Assignment as an exhibit before the court, counsel to the defendant, Ola Olanipekun, (SAN) objected to its admissibility.
When asked how the money was paid, Tolulope told the court that the sum of N800 million was deposited by De Privateer Limited into the account of Still Earth Ltd, adding that there was a cash lodgment of the sum of N209 million from one Taofeek on Agbele’s instruction.
In her further testimony, she said: “ In January 2015, the sum of N105,750,000, was received from Capital Field Investment and Trust Limited.
“ The sum of N39,500,000 was received from Hoss Concept.
“Also, another N40 million was received from De Privateer Limited.
“ In February 2015, De Privateer Limited paid N200 million, while the sum of N132,500,000 was paid by a company called Sam Chase.”
The case has been adjourned to Thursday, December 2, 2021.
Headlines
NIMASA opens investigation into vessels collision accident at Bonny anchorage as five crew members sustain injuries

Funso OLOJO, Editor
The accident which occurred on May 20th, 2026, has triggered a flurry of activities, has resulted in an oil spill in the affected area.
Following the collision, MT Lady Martina drifted ashore and is currently aground along the Bonny Channel, while MV Valparaiso remains grounded at the Bonny Inner Anchorage pending damage assessment and further investigation.
The management of MAERSK has officially reported the incident to the Agency.
In addition, NIMASA has established a Situation Monitoring Room to coordinate response efforts and monitor developments arising from the incident.
Dr. Mobereola, who was personally on ground in Rivers State to inaugurate the situation room, also directed the Agency’s Marine Environment Management Department to immediately commence an Environmental Impact Assessment (EIA) of the affected area, while taking necessary steps to mitigate the impact of the Tier 1 oil sheen and protect the marine environment.
NIMASA promised to update the public with the outcome of the investigation into the incident.
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NIMASA deepens maritime security as 492 Deep Blue personnel graduate in tactical training.


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