The Federal High Court in Lagos has adjourned to December 16, 2025, the arraignment of a retired company director, Taiwo Ibitola, and her firm, Lexhan Investment Ltd, over an alleged N20 billion money laundering offence.
Justice Akintoye Aluko postponed the proceedings after both the first defendant and the police prosecutor were absent, with the prosecutor arriving only after the case had already been adjourned.
In the charge marked FHC/L/781/C/2025, the police alleged that Taiwo Ibitola, her company, and others said to be “now at large” conspired, on or before March 5, 2024, in Lagos, to fraudulently convert shares and proceeds of assets bequeathed to “one Mrs. Idowu Ashiru and others by their late father”.
The converted assets were allegedly valued at N20 billion.
Investigators claimed that while serving as a director of Shonny Investment and Property Company Ltd and Lexhan Investment Ltd — the latter said to have been incorporated to manage her late father’s estate — Ibitola diverted the assets to her personal use.
The police alleged she acted with the intention to defraud and permanently dispossess the rightful heirs.
According to the prosecution, the actions contravened Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the same Act, as well as Section 383(2)(b) of the Criminal Code Act, Cap C38, punishable under Section 390.
When the case was called last Thursday for plea-taking, neither the prosecution nor the first defendant was present.
However, Prof. Taiwo Osipitan (SAN), appearing for the defendants, informed the court that the defence had filed a Motion on Notice dated November 4 and filed on November 6, 2025.
He told the court that the application sought to strike out the criminal component of the charge, arguing that it related to family inheritance and property rights, not crime.
Osipitan submitted: “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 then requested an adjournment to allow the defence serve the prosecution, adding that the police may need time to respond.
Justice Aluko subsequently adjourned the matter to December 16, 2025, for plea-taking and further proceedings.