The Economic and Financial Crimes Comission (EFCC) alleged that the former Governor reasonably ought to know that the money was part of the crime proceeds.
It also alleged that the defendants procured De Privateer Ltd. and Still Earth Ltd. to illegally retain N851 million.
It claimed that Fayose used about N1.6 billion in crime proceeds to acquire property in Lagos and Abuja.
The Commission also charged Fayose with using N200 million in crime proceeds to acquire a property in Abuja in the name of his elder sister, Moji Oladeji.
Fayose pleaded not guilty and is out on bail.