In a major legal victory, a Lagos court has ordered the Economic and Financial Crimes Commission (EFCC) to return $20,000 seized from Lagos businessman Olalekan Abdul, who was recently acquitted of all fraud charges after a long, controversial trial.
The ruling came on April 30, 2025, from Justice Mojisola Dada of the Ikeja Special Offences Court. The judge directed that the $20,000 — previously held in a Polaris Bank account under the Lagos State High Court Chief Registrar — be released immediately to Abdul.
The court’s decision followed Abdul’s full acquittal on March 5, 2025, along with his co-accused, Azubuike Ishiekwene, Chairman of Cleanserve Integrated Energy Solutions. Both had faced 26 counts of conspiracy, forgery, and fraud, stemming from allegations by a petitioner, Chris Ndulue, who was later discovered to have no legal standing at the Corporate Affairs Commission and failed to provide any valid documentation.
According to the certified true copy of the ruling, the court granted “delivery and/or restoration to the defendant of the sum of $20,000.00… be and is hereby granted.”
Justice Dada also went further to order the release of a N10 million surety account held at Access Bank. The account, owned by Mrs. Jemilat Yusuf-Sada, had been used to secure Abdul’s bail since 2020.
Court records revealed that the EFCC’s case began to unravel following shocking revelations. In 2019, an EFCC operative reportedly demanded a bribe from Abdul to ‘kill the matter’, admitting that the petitioner’s claims were without merit. Instead of yielding, Abdul reported the incident to then-EFCC Secretary, Ola Olukoyede, prompting an internal sting operation. The rogue operative was arrested — yet the EFCC proceeded with the prosecution for years.
It wasn’t until the Lagos State Attorney-General, Mr. Lawal Pedro (SAN), stepped in to take over the case that the tide turned, raising questions about abuse of prosecutorial power and improper handling by the anti-graft agency.
Lead defence lawyers Adeyinka Olumide-Fusika (SAN) and Muiz Banire (SAN) sharply criticized the EFCC throughout the trial, describing the case as politically motivated persecution disguised as a corruption fight.
The landmark ruling — Court Orders EFCC To Return $20,000 Seized From Lagos Businessman Acquitted Of Fraud — has sparked renewed calls for greater oversight of anti-corruption bodies and justice for victims of wrongful prosecution.
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