The scheduled arraignment of a retired company director, Taiwo Ibitola, and her company, Lexhan Investment Ltd, over an alleged N20 billion money laundering fraud, has been postponed by a Federal High Court in Lagos.
Justice Akintoye Aluko was forced to adjourn the case until December 16, 2025, after the first defendant, Taiwo Ibitola, failed to appear in court to take her plea. The defendant and her firm are facing four serious counts brought by the Police Special Fraud Unit, bordering on conspiracy, fraud, and the conversion and retention of proceeds of crime.
According to the charge, marked FHC/L/781/C/ 2025, the defendants, along with others now at large, allegedly conspired on or before March 5, 2024, in Lagos. They are accused of fraudulently converting shares and proceeds of assets bequeathed to Mrs Idowu Ashiru and others by their late father, with the estimated value of the converted funds standing at a staggering N20 billion.
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The police alleged that while Taiwo served as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, she used the latter firm—which she allegedly incorporated to manage her late father’s estate—to divert the shares and assets for her personal use.
At the court session last Thursday, both the prosecutor and the first defendant were absent. However, the defence counsel, Prof. Taiwo Osipitan (SAN), was present and informed the court of a pending motion.
Osipitan told the court, “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.”
He argued that the matter was a civil dispute over family inheritance and property rights, not a criminal case, and urged the court to adjourn to allow the prosecution to be served and potentially respond to their application.
Consequently, Justice Aluko adjourned the case to December 16, 2025, for the defendants to take their plea and for further proceedings. The defence's motion seeks several orders, including to quash the charge, stating it is "unconstitutional, vague, void, oppressive, [and] abusive of prosecutorial powers."
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