The planned arraignment of businesswoman Taiwo Ibitola Taiwo and her company, Lexhan Investment Ltd, over alleged N20 billion money laundering at the Federal High Court in Lagos on Thursday was stalled due to the defendants’ absence in court.
The defendants are facing four counts related to conspiracy, fraud, conversion, and retention of proceeds of crime, filed by the Police Special Fraud Unit. The charges, marked FHC/L/781/C/2025, allege that on or before March 5, 2024, in Lagos, Taiwo and others now at large conspired to fraudulently convert shares and assets bequeathed to Mrs. Idowu Ashira and other heirs by their late father. The converted funds were estimated at N20 billion and deemed part of the proceeds of crime.
Police alleged that Taiwo, who served as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, fraudulently converted the shares and assets to her personal use, acting with intent to defraud and permanently deprive the rightful heirs of their inheritance.
The offences are said to 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.
When the case was called for plea, both the prosecutor and the first defendant were absent. Taiwo’s lawyer, Prof. Taiwo Osipitan (SAN), appeared for the defendants and informed the court that a Motion on Notice, dated November 4, 2025, and filed on November 6, 2025, had been submitted seeking to set aside the criminal aspect of the charges.
Osipitan argued that the matter concerns family inheritance and property rights rather than criminal wrongdoing. “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 told the court.
The motion seeks the following reliefs:
Justice Akintoye Aluko adjourned the matter to December 16, 2025, for the defendants to take their plea and for further proceedings, allowing time for the defence to serve the prosecution with the motion.
