Nigerian businessman and philanthropist, Babatunde Morakinyo, has been discharged and acquitted by the Federal High Court, Abuja, of all money laundering charges brought against him by the Economic and Financial Crimes Commission (EFCC).

In a no-case submission judgment marked FHC/ABJ/CR/75/2020, the court held that the EFCC acted “without sufficient evidence” when it arraigned Morakinyo in 2020 on charges bordering on money laundering.

In 2020, the EFCC accused Morakinyo of allegedly failing to report in writing certain transfers into his company’s account to the anti-graft agency.

The EFCC also charged Iretidu Limited and Three Four Universal Concept Limited as co-defendants alongside Morakinyo.

All three defendants pleaded not guilty to the charges and were acquitted by the court of all charges.

Delivering the judgment, Justice Peter Lifu said: “I hold that there is no established linkage of the defendants with the evidence led so far by the prosecution.

“Consequently, the submission of no case to answer is hereby upheld and the defendants are herein discharged and acquitted.”