Court dismisses N20bn laundering case against retired director
A Federal High Court in Lagos has struck out a N20bn money laundering case against former company director Taiwo Ibitola and her firm, Lexhan Investment Ltd. Justice Akintoye Aluko made the decision after the police applied to withdraw the charges. The case involved allegations of conspiracy, fraud, and conversion of assets related to a family inheritance dispute. Several court dates and legal arguments were presented before the charges were ultimately dismissed.
What we know
- The police initially charged Taiwo Ibitola and Lexhan Investment Ltd with conspiracy, fraud, conversion, and retention of proceeds of crime.
- Proceedings were first scheduled for November 13, 2025, but were stalled due to the absence of the prosecutor and defendants.
- The case was adjourned to December 16, 2025, and later to March 16, 2026, as the court did not sit on the previous dates.
- On Monday, the prosecution filed an application dated February 26, 2026, to withdraw the charges, citing the interest of justice.
- Justice Akintoye Aluko struck out the charges, noting the defendants had never appeared before the court and trial had not commenced.
