Speaker Obasa’s Vindication As EFCC Withdraws Money Laundering Suit, Court Orders Unfreezing Of Bank Accounts

Finally, the Economic and Financial Crimes Commission (EFCC) has withdrawn the alleged money laundering suit it filed at the Federal High Court against Rt. Hon. Mudashiru Ajayi Obasa,Speaker of the Lagos State House of Assembly.

The agency did not provide any specific reason for its application for withdrawal. However, it did made reference to the Constitution and the EFCC Act.

Following the agency’s withdrawal of the suit, Justice Nicholas Oweibo discharged the ‘lien/Post No Debit’ placed on Obasa’s three accounts in Standard Chartered Bank.

The accounts are as follows: (US Dollars) 0001852063; (Current) 0001852056, and (Savings) 5002309624.

The judge also set aside the ex-parte orders he made on September 15, 2020, which led to the freezing of the accounts.

On September 15, 2020, the court granted an interim order freezing Obasa’s accounts following the EFCC’s application in a suit marked FHC/LCS/1064/2020.

The agency at the period had said it was investigating the Speaker for the alleged offenses of conspiracy, diversion of funds, abuse of office, and money laundering.

But Justice Oweibo, on August 16, 2023, heard the application to unfreeze the accounts in his chamber. During the hearing, the EFCC was represented by Mr. Sulaiman I. Sulaiman, while Obasa was represented by Mr. Adeyinka Olumide-Fusika (SAN).

The EFCC lawyer told the court that the application to unfreeze the accounts was pursuant to Section 44(2)(K) of the 1999 Constitution (as amended) and Sections 26, 29, and 34(1) of the EFCC (Establishment) Act, 2004, and under the court’s inherent jurisdiction.

Section 44 of the Constitution concerns constitutional rights to property.

Justice Oweibo held: “It is hereby ordered that an order is hereby granted to the respondent/applicant setting aside the ex-parte orders of this court made on the 15th day of September 2020 upon the ex-parte motion of the Applicant/Respondent in relation to the funds of the Respondent/Applicant domiciled in the accounts stated in the following schedule:

“ACCOUNT NAME, FINANCIAL ACCOUNT INSTITUTIONS, TYPE OF ACCOUNT:

Mudasiru Ajayi Obasa, Standard Chartered, (US Dollars) 0001852063
Mudasiru Ajayi Obasa, Standard Chartered (Current) 0001852056
Mudashiru Ajayi Obasa, Standard Chartered (Savings) 5002309624.

Issued at Lagos, under the seal of this Honourable Court and by the hands of the Presiding Judge this 16th day of August 2023.”