A Federal High Court in Lagos has discharged and acquitted PDP politician, Femi Fani-Kayode, of money laundering charges.
You will recall that Fani-Kayode, whose trial began in 2008, was accused by the EFCC of laundering about N100 million while he was the Minister of Culture and Tourism and later, the Minister of Aviation. The alleged laundered sum was, however, reduced to N2.1 million on November 17, 2014 after 38 of the 40 counts leveled against Fani-Kayode were dismissed by the EFCC for lack of proof.
According to Vanguard, “EFCC prosecutor, Keyamo, urged the court to uphold the remaining two counts and to accordingly convict Fani-Kayode, and argued that the former minister had failed to exonerate himself of the allegations. Keyamo pointed out that the object of the charge was that Fani-Kayode transacted in cash sums above N500,000, which was the threshold stipulated by the Money Laundering (Prohibition) Act. “