A Federal High Court in Lagos on Monday struck out an alleged N20 billion money laundering charge brought against retired company director Taiwo Ibitola and her firm, Lexhan Investment Ltd.
The case, which had been filed by the police, involved four counts of conspiracy, fraud, conversion, and retention of proceeds of crime. Justice Akintoye Aluko struck out the charges following a request by the prosecution to withdraw the case in the interest of justice.
The matter first came before the court on 13 November 2025 for arraignment, but proceedings were stalled due to the absence of both the defendants and the prosecutor. The case was subsequently adjourned to 16 December 2025 and later rescheduled for 16 March 2026.
During Monday’s proceedings, the prosecutor, M.Y. Bello, informed the court that an application dated 26 February 2026 had been filed to withdraw the charges. Bello requested that the defendants be discharged while allowing the prosecution the option to revisit the matter if necessary.
Counsel for the defendants, Prof Taiwo Osipitan, supported the withdrawal but urged the court to dismiss the case outright to prevent any future reopening. He argued that the alleged offences predated the enactment of the Money Laundering (Prevention and Prohibition) Act, 2022, and that the dispute concerned family inheritance and property rights rather than criminal wrongdoing.
Justice Aluko ruled that since the defendants had never appeared in court and the trial had not commenced, striking out the charge was appropriate. “The defendants have never appeared before the court. Upon the notice of withdrawal dated February 26, 2026, this charge is hereby struck out, and the defendants are discharged,” he held.
The charge, marked FHC/L/781/C/2025, alleged that Ibitola and her company had fraudulently converted shares and proceeds of assets bequeathed to Mrs Idowu Ashiru and others by their late father, valued at N20 billion. The prosecution claimed the offences contravened Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and Section 383(2)(b) of the Criminal Code Act.
With the case now struck out, Ibitola and Lexhan Investment Ltd have been formally cleared of the allegations, ending a matter that had drawn significant attention due to the substantial sum involved.
