Justice Akintoye Aluko of the Federal High Court, Lagos, has adjourned a planned arraignment of a businesswoman, Taiwo Ibitola Taiwo, and her company, Lexhan Investment Ltd, over alleged N20 billion money laundering to December 16, 2025.

The planned arraignment was stalled due to the suspect’s absence in court.

Taiwo and her firm are facing four counts bordering on conspiracy, fraud, conversion, and retention of proceeds of crime, filed against them by the Police Special Fraud Unit.

According to the charge marked FHC/L/781/C/ 2025, the suspects and others now at large allegedly conspired, on or before March 5, 2024, in Lagos, to fraudulently convert shares and proceeds of assets bequeathed to Mrs Idowu Ashira and others by their late father.

The police said the converted funds, estimated at N20 billion, formed part of the proceeds of crime.

The police alleged that while Taiwo served as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, the latter being a firm she allegedly incorporated to manage her late father’s estate.

The police said she converted the shares and assets to her personal use.

The prosecution further claimed that Taiwo acted with the intent to permanently deprive the rightful owners of the inheritance.

The police said the offences committed contravened Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the same Act, and Section 383(2)(b) of the Criminal Code Act, Cap C38, punishable under Section 390.

Although absent, Prof Taiwo Osipitan (SAN), appeared for the defendants and informed the court that the defence had filed a motion on notice dated November 4, 2025, and filed on November 6, 2025.

Osipitan told the court that the application sought to set aside the criminal aspect of the charge, arguing that the matter involved family inheritance and property rights, not criminal wrongdoing.

He said: “My Lord, we were served with a criminal summons at the instance of the Inspector-General of Police. We have filed a motion seeking to set aside the criminal aspect of the charge as the issue has to do with family rights and inheritance.”

In the motion on notice, the defence is asking the court for an order staying and suspending the arraignment of the defendants pending the determination of the application.

“An order excusing/ dispensing with the physical presence of the defendant/ applicant from proceedings of the court pending the hearing and determination of the instant application,” he argued.

The defendants also want the court to dismiss and set aside the four counts charge dated September 19, 2025 or any further amended charge against the defendants for want of jurisdiction to entertain the same.

Osipitan further urged the court to adjourn the matter to enable the defence to serve the prosecution, which was absent, with the application.

Justice Akintoye Aluko consequently adjourned the case to December 16, 2025, for further proceedings.