A Federal High Court sitting in Abuja has discharged and acquitted a businessman and philanthropist, Babatunde Morakinyo, and two companies linked to him of the money laundering charge brought against them by the Economic and Financial Crimes Commission (EFCC).
Justice Peter Lifu, in a ruling delivered on December 12, 2025 and a Certified True Copy (CTC) of it made available to newsmen in Abuja on Friday, upheld the defendants’ no-case submission, holding that the prosecution failed to establish a prima facie case linking them to the alleged offences.
Morakinyo and his co-defendants – Iretidu Limited and Three Four Universal Concept Limited pleaded not guilty to the charge marked, FHC/ABJ/CR/75/2020 wherein the EFCC alleged, among other things, that Morakinyo and the companies failed to report certain transfers into their accounts as required under applicable money-laundering regulations.
At the close of the prosecution’s case after calling three witnesses and tendered six exhibits in support of its case, 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.
In its response, the EFCC urged the court to reject the no-case submission and order the defendants to enter their defence.
Prosecuting counsel, M. A. Babatunde, argued that the evidence presented established a prima facie case and linked the alleged offences to the businesses operated by the defendants.
But Justice Lifu held that the evidence before the court did not establish the required link between the defendants and 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.
He further held that the evidence presented by the prosecution did not establish that the funds involved were proceeds of crime or otherwise illegitimate funds.
“From the totality of the evidence before the Court, 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,” the judge held.
Justice Lifu said the absence of evidence establishing the crucial element of proceeds of crime was fatal to the prosecution’s case at that stage.
The court further 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.
Justice Lifu held that this also affected the prosecution’s ability to establish a sufficient evidentiary link between the defendants and the alleged offences.
“Consequently, the submission of no case to answer is hereby upheld and the defendants are herein discharged and acquitted,” the judge ruled.