Justice Muhammed Idris of the Federal High Court sitting in Lagos delivered the judgment that freed Ladoja on Friday.
Ladoja had been on trial along with his former Commissioner for Finance, Waheed Akanbi.
Justice Idris had reserved judgment in the criminal case on January 21 after counsel representing parties adopted their final addresses before the court.
Ladoja was charged by the Economic and Financial Crimes Commission with converting N4.7 billion from the State’s treasury to his personal use.
He was re-arraigned along with Akanbi on an 11 count charge of money laundering and unlawful conversion of public funds.
Both pleaded not guilty to the charge and were granted bail.
Evidences in the trial closed on November 17, 2018 after Ladoja had given his evidence before the court
The court then adjourned for adoption of final addresses.
The judge delivered judgment in the trial.
He faulted the prosecution’s case, saying it was full of contradictions.
He said the case was badly prosecuted.
The judge said EFCC’s case lacked credible evidence and that the prosecution’s case was full of contradictions.
Justice Idris held that the prosecution failed to prove a single ingredient in the 11-count charge.
“The court found the defendants not guilty,” the judge held in 11 counts.
He started reading the judgment at about 10am at the Federal High Court in Lagos.
He began by announcing that the judgment was up to 250 pages, but that he would skip some aspects.
“I examined 914 tendered documents forensically,” he said.
“If have to read the entire judgment, we’ll leave here by 6pm. So I’ll skip some.”
The former Oyo State Governor, Chief Rashidi Ladoja, who has been on trial for the past 12 years for an alleged N4.7 billion fraud was set free.