Federal High Court Strikes Out N20bn Money Laundering Charge Against Retired Director
The Federal High Court in Lagos has struck out a N20 billion money laundering charge brought against retired company director, Mrs. Taiwo Ibitola, and her firm, Lexhan Investment Ltd.
Justice Akintoye Aluko, in a ruling delivered on Monday, discharged the defendants after the prosecution applied to withdraw the case.
The defendants had faced a four‑count charge bordering on conspiracy, fraud, conversion, and retention of proceeds of crime. However, proceedings never commenced as the defendants were not arraigned.
At the resumed hearing, prosecuting counsel M.Y. Bello informed the court that the police had filed a notice of withdrawal dated February 26, 2026, stating that the decision was “in the interest of justice.” Bello urged the court to discharge the defendants while reserving the right to revisit the matter.
Defence counsel, Prof. Taiwo Osipitan (SAN), did not oppose the withdrawal but pressed for outright dismissal, citing Section 108(3) of the Administration of Criminal Justice Act (ACJA). He argued that the court had discretion to acquit where charges are withdrawn before trial begins. Osipitan further contended that the alleged offences predated the Money Laundering (Prevention and Prohibition) Act, 2022, and that the dispute was essentially a family inheritance matter rather than criminal conduct.
In his ruling, Justice Aluko held that since the defendants had never appeared before the court and trial had not commenced, the proper order was to strike out the charge. He declared: “Upon the notice of withdrawal dated February 26, 2026, this charge is hereby struck out, and the defendants are discharged.”
The charge, marked FHC/L/781/C/2025, had alleged that Ibitola and others conspired in March 2024 to fraudulently convert shares and assets worth N20bn belonging to beneficiaries of her late father’s estate. The police claimed the acts contravened provisions of the Money Laundering Act, 2022, and the Criminal Code Act.
