The civil society group Human and Environmental Development Agenda Resource Centre (HEDA) has formally petitioned Economic and Financial Crimes Commission (EFCC) over what it describes as a potential money-laundering violation involving Ayodele Fayose, former governor of Ekiti State, and Olusegun Obasanjo, former President of Nigeria.
In a report dated 25 November 2025, media outlets quoted Fayose as acknowledging that he gave Obasanjo US$20,000 in cash to cover travel logistics for the latter’s attendance at Fayose’s 65th-birthday celebration in Lagos.
According to the same report, Obasanjo confirmed receipt of the cash — and later said he returned the amount, also in cash.
How the EFCC responds — whether it initiates legal proceedings or decides the matter lacks sufficient cause — may signal how serious Nigeria is about enforcing its cash-transaction and anti-money-laundering statutes, even when powerful individuals are involved.
In the petition addressed to EFCC Chairman Olanipekun Olukoyede, HEDA — led by its Chairman Olanrewaju Suraju — argues that the transaction contravenes the provisions of the Money Laundering (Prevention and Prohibition) Act 2022. Under the Act, cash transactions for individuals are capped at ₦5 million, and any amount above that must be processed through financial institutions.
HEDA emphasises that the openly admitted $20,000 cash exchange by both men amounts to a “clear admission” of a transaction well beyond the legal cash threshold — thus meriting urgent investigation.
Suraju urged the EFCC to “immediately investigate and take the necessary legal action” to prevent a weakening of Nigeria’s anti-money-laundering regime.
The civil society group warned that failure to act could undermine ongoing governmental efforts to curb illicit cash and foreign-currency transactions domestically. They argued that public trust in financial regulation enforcement would be eroded if such high-profile cases are ignored.
HEDA also referenced the recent conviction of a private citizen, Precious Uzondu, for illegal foreign-currency dealings — using that as evidence of the EFCC’s renewed determination to enforce the law.
The 2022 Money Laundering (Prevention and Prohibition) Act, which replaced earlier legislation, established stricter limits on cash transactions: ₦5 million for individuals and ₦10 million for corporate entities. Cash moves above these limits must go through licensed financial institutions, with violations potentially resulting in penalties.
It is noteworthy that Fayose — who was previously indicted by EFCC on separate alleged fraud and money-laundering charges involving billions of naira — was recently cleared by a court, which held that the prosecution failed to establish a prima facie case.
With the petition now before the EFCC, the anti-graft agency faces a high-stakes decision: whether to open a formal investigation into the disclosed $20,000 cash exchange between two prominent political figures.
