A Federal High Court in Lagos on Monday struck out a N20bn alleged money laundering charge filed against a retired company director, Taiwo Ibitola, and her firm, Lexhan Investment Ltd.
Justice Akintoye Aluko struck out the case following an application by the police to withdraw the charges.
The defendants had been arraigned on a four-count charge bordering on conspiracy, fraud, conversion, and retention of proceeds of crime.
When the matter first came up on November 13, 2025, proceedings could not go on due to the absence of both the prosecution and the defendants, prompting the court to adjourn the case to December 16, 2025, for arraignment. However, the court did not sit on that date, leading to a further adjournment to March 16, 2026.
At the resumed hearing, the prosecutor, M.Y. Bello, informed the court that an application dated February 26, 2026, had been filed to withdraw the charges.
“The prosecution has filed an application seeking to withdraw the charge against the defendants. The withdrawal is in the interest of justice,” Bello said, urging the court to discharge the defendants while retaining the option to revisit the case if necessary.
Counsel to the defendants, Prof. Taiwo Osipitan (SAN), did not oppose the application but asked the court to dismiss the case entirely to prevent any future reopening.
Citing Section 108(3) of the Administration of Criminal Justice Act, Osipitan argued that the court had the discretion to acquit the defendants, noting that the alleged offences predated the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022.
“The defendants cannot be charged under a law that was not in existence at the time the alleged acts were committed,” he argued, adding that the dispute was rooted in family inheritance and property rights rather than criminal wrongdoing.
In his ruling, Justice Aluko held that since the defendants had neither appeared before the court nor taken their plea, the appropriate order was to strike out the charge.
“The defendants have never appeared before the court. Upon the notice of withdrawal dated February 26, 2026, this charge is hereby struck out, and the defendants are discharged,” the judge ruled.
According to the charge marked FHC/L/781/C/2025, the police had alleged that Ibitola, her company, and others now at large conspired on or before March 5, 2024, in Lagos to fraudulently convert shares and proceeds of assets valued at N20bn, reportedly bequeathed to Mrs Idowu Ashiru and other beneficiaries by their late father.
The prosecution further alleged that Ibitola, while serving as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, diverted the assets for personal use with the intent to deprive rightful beneficiaries.
The alleged offences were said to contravene provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Criminal Code Act.
