Court Dismisses N20bn Fraud Charges Against Taiwo Ibitola

On February 26, 2026, Justice Akintoy Aluko of the Federal High Court in Lagos struck out a N20 billion fraud charge against businesswoman Taiwo Ibitola and her company, Lexhan Investment Limited. The charges included allegations of money laundering and conspiracy related to the fraudulent conversion of assets reportedly bequeathed to Mr. Idowu Ashira, the beneficiary of a late father's estate.

During the proceedings, prosecuting counsel M.Y. Bello informed the court of the application to withdraw the charges, which was not opposed by defense counsel Prof. Taiwo Osipitan, SAN.

The defense urged the court to dismiss the case outright to prevent any possibility of refiling. Prof. Osipitan argued that the charges were withdrawn and that the matter was essentially a family issue involving inherited property rights rather than a criminal matter.

Justice Aluko noted that the defendant did not appear in court for trial, and upon the notice of withdrawal, the charges were struck out, discharging the defendants.