Court Dismisses N20bn Money Laundering Charge Against Ibitola
The Federal High Court in Lagos, presided over by Justice Akintoy Aluko, dismissed a N20 billion money laundering charge against Taiwo Ibitola, a former director of Lexhan Invest Ltd. The charge was initially filed on November 13, 2025, but proceedings were delayed due to the absence of the prosecutor.
On February 26, 2026, the prosecution filed an application to withdraw the charges, which included allegations of conspiracy, fraud, and retention of proceeds of crime. Prof. Taiwo Osipitan SAN, representing Ibitola, argued that the alleged offenses were based on a law that did not exist at the time the acts were purportedly committed.
The court agreed to discharge Ibitola, marking the charges as struck out and allowing the prosecution the liberty to revisit the matter if necessary. The case involved allegations of fraudulent conversion of assets worth N20 billion, linked to the estate of Ibitola's late father.
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