After six years of standing trial, the Chief Executive Officer of First Nation Airways Limited, Mr. Kayode Odukoya, has been discharged and acquitted of all fraud-related charges by the Lagos State Special Offences High Court.
Delivering judgment, Justice Mojisola Dada ruled that the Economic and Financial Crimes Commission (EFCC) failed to prove its case beyond reasonable doubt. She noted that key evidence, including a disputed “Memorandum of Loss,” was riddled with inconsistencies.
The court described the case as having “collapsed like a pack of cards,” dismissing all counts against Odukoya and his company.
Odukoya faced allegations of fraud, forgery, stealing, and using a falsified document—charges he consistently denied. The prosecution’s case largely relied on the contested “Memorandum of Loss of Certificate of Occupancy,” which was allegedly used to obtain credit facilities.
Justice Dada highlighted that the EFCC did not present sufficient evidence to substantiate the allegations. She noted that the document in question was not properly certified, lacked proof of receipt by any bank, and only included unauthenticated photocopies.
“The totality of the prosecution’s case rests on quicksand,” the judge declared, concluding that the defendants were entitled to an acquittal.
In response, First Nation Airways accused the EFCC of turning a commercial disagreement with Polaris Bank into a criminal trial, calling it “a misuse of regulatory power.” The airline alleged that the bank instigated a malicious petition after inflating its loan book.
The company further stated that a forensic audit by a Big Four accounting firm, jointly appointed with Polaris Bank, had vindicated its position. “The EFCC diverted from its mandate of investigating genuine economic crimes and escalated a contractual dispute into a sensational criminal trial,” the airline said.
Odukoya lamented the reputational damage caused by the “intense media trial,” noting that the EFCC had yet to update its website months after the acquittal. “For years we were portrayed in a narrative that undermined our professional integrity. This judgment confirms there was never a basis for the allegations,” he stated.
The airline called on the Attorney-General of the Federation, regulators, and industry stakeholders to ensure civil disputes are not criminalised in the future. “True accountability requires distinguishing between genuine criminal behaviour and contractual disagreements,” it added.
