A scheduled arraignment of businesswoman Taiwo Ibitola Taiwo and her company, Lexhan Investment Ltd, over an alleged N20 billion money laundering case has been postponed by the Federal High Court in Lagos.
Court Proceedings and Adjournment
Justice Akintoye Aluko of the Federal High Court, Lagos, has rescheduled the planned arraignment to December 16, 2025. The proceedings were stalled due to the absence of the main suspect, Taiwo Ibitola Taiwo, in court.
Despite the defendant's non-appearance, her legal representative, Prof Taiwo Osipitan (SAN), was present and informed the court about a motion filed by the defence team. The defence had submitted a motion on notice dated November 4, 2025, and filed on November 6, 2025.
Details of the Allegations
The Police Special Fraud Unit has brought four counts against Taiwo and her firm, covering charges of conspiracy, fraud, conversion, and retention of proceeds of crime. According to the charge marked FHC/L/781/C/2025, the alleged offences occurred on or before March 5, 2024, in Lagos.
The prosecution claims that the suspects conspired with others currently at large to fraudulently convert shares and proceeds of assets that were rightfully bequeathed to Mrs Idowu Ashira and other beneficiaries by their late father. The police estimate the value of the converted funds at approximately N20 billion, which they classify as proceeds of crime.
Defence Arguments and Legal Maneuvers
Professor Osipitan argued that the matter fundamentally concerns family inheritance and property rights rather than criminal wrongdoing. He stated, "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."
The defence's motion seeks several reliefs from the court, including:
- An order staying and suspending the arraignment pending determination of the application
- An order excusing the physical presence of the defendant from court proceedings
- Dismissal of the four-count charge dated September 19, 2025 for want of jurisdiction
The police allegations indicate that while Taiwo served as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, she allegedly incorporated the latter company specifically to manage her late father's estate. The prosecution claims she converted the shares and assets for her personal use with the intent to permanently deprive the rightful owners of their inheritance.
The alleged offences contravene Section 21(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the same Act, and Section 383(2)(b) of the Criminal Code Act, Cap C38, punishable under Section 390.
With the prosecution absent from the recent hearing, Professor Osipitan successfully urged the court to adjourn the matter to enable the defence to serve the prosecution with their application. Justice Aluko consequently adjourned the case to December 16, 2025, for further proceedings.
