A Federal High Court in Lagos on Monday acquitted ex-speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji and his former aide, Oyebode Atoyebi, of 54 counts of money laundering.
Ikuforiji and Atoyebi were charged by the Economic and Financial Crimes Commission (EFCC) for allegedly laundering N338.8 million.
They were first arraigned in 2012, pleading not guilty.
According to the charges, EFCC alleged that the defendants accepted cash payments above the threshold set by the Money Laundering Act, without going through a financial institution.
The commission accused them of conspiring to commit an illegal act of accepting cash payments in the aggregate sum of N338.8 million from the House of Assembly without going through a financial institution.
Ikuforiji was also accused of using his position to misappropriate funds belonging to the assembly.
The EFCC alleged they committed the offences between April 2010 and July 2011.
The alleged offences, according to the EFCC, contravened the provisions of Sections 15 (1d), 16(1d) and 18 of Money Laundering Act, 2004 and 2011.
In his ruling, Justice Mohammed Liman held that the prosecution failed to discharge the burden of proof placed on it by the provisions of the law.
