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A Federal High Court in Lagos has adjourned till December 16, 2025, the arraignment of a retired company director, Taiwo Ibitola and her company, Lexhan Investment Ltd, over alleged N20bn money laundering.

Justice Akintoye Aluko fixed the new date after Taiwo failed to appear to take her plea.

Taiwo and her firm are facing four counts bordering on conspiracy, fraud, conversion, and retention of proceeds of crime, filed against them by the Police Special Fraud Unit.

According to the charge, marked FHC/L/781/C/ 2025, the defendants and others now at large allegedly conspired, on or before March 5, 2024, in Lagos, to fraudulently convert shares and proceeds of assets bequeathed to Mrs Idowu Ashiru and others by their late father.

The police said the converted funds, estimated at N20bn, formed part of the proceeds of crime.

Police alleged that while Taiwo served as a director at Shonny Investment and Property Company Ltd and Lexhan Investment Ltd, the latter being a firm she allegedly incorporated to manage her late father’s estate, she fraudulently converted the shares and assets to her personal use.

The police further claimed that Taiwo acted with the intent to defraud and permanently deprive the rightful owners of the inheritance.

According to the police, the offences committed contravened 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 last Thursday for the plea of the defendants, both the prosecutor and the first defendant were absent.

However, Prof. Taiwo Osipitan (SAN), who appeared for the defendants, informed the court that the defence had filed a Motion on Notice dated November 4, 2025, and filed on November 6, 2025.

Osipitan told the court that the application sought to set aside the criminal aspect of the charge, arguing that the matter involved family inheritance and property rights, not criminal.

He said, “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.”

Osipitan further urged the court to adjourn the matter to enable the defence to serve the prosecution, which was absent, adding that the prosecution might respond to the application before the next adjourned date.

Consequently, Justice Aluko adjourned the case to December 16, 2025, for the defendants to take their plea and for further proceedings.

In the motion on notice, the defence is asking the court for an order staying and suspending the arraignment of defendants/ applicants on the four counts charged dated September 19, 2025, pending the determination of the application.

It read, “ An order excusing/dispensing with the physical presence of the defendant/applicant from proceedings of the Court pending the hearing and determination of the instant application.

“An order restraining the complainant/respondent, his servants, agents and officials from arraigning, taking steps towards the arraignment/arrest of the first defendant/applicant or applying for a warrant of arrest for the purpose of arresting the first defendant/Applicant pending the hearing and determination of this application.

“An order dismissing, quashing, annulling and setting aside the four counts charge dated September 19, 2025 or any further amended charge against the defendants/applicants for want of jurisdiction to entertain the same.

“An order dismissing, quashing, annulling, setting aside the four-count charge dated September 19, 2025 or any further amended charge against the defendants/applicants herein on the ground that the charge is unconstitutional, vague, void, oppressive, abusive of prosecutorial powers and processes of the court and a gross violation of defendants’ right to fair hearing.”