Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
A Federal High Court in Lagos has struck out an alleged N20 billion money laundering and fraud charge that had been filed against a businesswoman, Taiwo Ibitola, and her company, Lexhan Investment Limited. The charge, originally preferred by the Police Special Fraud Unit, was dismissed following a formal withdrawal by the prosecution and legal arguments highlighting procedural defects.
The defendants were initially arraigned on a four-count charge alleging conspiracy, fraud, and conversion of proceeds of crime. The prosecution claimed that Taiwo Ibitola and her company conspired to fraudulently convert shares and proceeds from assets worth N20 billion that belonged to other beneficiaries. The funds were alleged to have been laundered through complex financial transactions and used to acquire properties and other investments.
However, the case never proceeded to trial. When the matter first came before the court, neither the prosecutor nor the defendants were present. No substantive evidence was ever heard, and the defendants had not entered any plea. On Monday, the prosecution formally withdrew the charge, citing the interest of justice, while the defence requested that the charge be struck out entirely to prevent the possibility of it being refiled in the same form.
The defence, led by Senior Advocate of Nigeria Prof. Taiwo Osipitan, argued that the indictment was defective, lacked clear particulars of the offence, and failed to disclose essential elements constituting the alleged crime. They also noted that the alleged offences were related to the management of inheritance assets, not traditional criminal conduct, and questioned the applicability of money laundering laws to the circumstances described.
Justice Akintoye Aluko ruled in favor of the defence, noting that since trial had not commenced and the prosecution had withdrawn the charge, the proper course was to strike out the case and discharge the defendants. Both Taiwo Ibitola and Lexhan Investment Limited were therefore legally cleared of the specific allegations as previously framed.
While the ruling provides immediate relief for the defendants, the prosecution retains the option to refile charges if it believes there is sufficient evidence and legal grounding. Legal analysts have highlighted that the case underscores the importance of strict adherence to procedural requirements in financial crime prosecutions, particularly in high-stakes cases involving large sums and corporate entities.
The court’s decision has been seen as reinforcing constitutional guarantees of fair hearing and the necessity for prosecutors to ensure that charges are properly constituted before trial. It also illustrates the judiciary’s role in safeguarding the rights of defendants against defective or improperly framed indictments.
For Taiwo Ibitola and her company, the striking out of the N20 billion alleged fraud charge provides temporary relief, though the possibility of fresh prosecution remains if the authorities choose to re-evaluate and refile the case with proper legal grounding. The matter has attracted public attention due to the substantial sums involved and the prominence of the businesswoman in Nigeria’s commercial sector.
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