Economic and Financial Crimes Commission has finally arraigned Chairman, Bi-Courtney Highway Services, Dr. Wale Babalakin, for allegedly laundering N4.7bn for convicted former Delta State Governor James Ibori.

The EFCC late on Wednesday declared Babalakin wanted as he was said to have failed to report at its office, preparatory to his arraignment on Thursday.

Arraigned along with Babalakin at a Lagos High Court, Ikeja, on Thursday were Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited.

Part of the 27 counts slammed on the accused included using the money to purchase a Challenger Jet aircraft from Erin Aviation in Mauritius on behalf of Ibori between May and December 2006.

Thursday’s proceedings were devoid of accusations and counter-accusations between Babalakin’s lawyers and the EFCC’s counsel, a feature of two previous court sessions, when the Bi-Courtney boss arraignment failed on the account of his absence from court.

The prosecuting counsel, Mr. Rotimi Jacobs (SAN), alleged that Babalakin and his two firms, Stabilini Visioni Limited and Bi-Courtney Ltd, “did corruptly confer benefit on former Governor James Onanefe Ibori.”

The prosecution also accused Babalakin and the four other accused of “retention of proceeds of a criminal conduct” on behalf of Ibori.

Among the firms fingered in the charge to have been used for the transfers of the money to Erin Aviation are Interactive Technologies/TN Focus and Supetrol Oil and Gas Ltd.

According to the prosecution, the alleged offence of “corruptly conferring benefit on account of public action” contravenes Section 516 of the Criminal Code Law, CAP C17, Laws of Lagos State, 2003.

It also said the accused’s retention of proceeds of a criminal conduct is contrary to Section 17 (a) of the EFCC (Establishment Act 2004)

Babalakin and Okoh, who both pleaded not guilty to the counts for themselves and for the three accused firms, were, after taking their plea, released on bail “on self-recognition”.

The presiding judge, Justice Adeniyi Onigbanjo, in granting the prayer as canvassed by the counsel for the duo, however, said they must deposit their travel passport with the EFCC as “a precautionary measure”.

Though Jacobs did not oppose the separate bail applications, he objected granting it on the basis of “self reognition”.

Babalakin’s counsel, Mr. Wale Akoni (SAN), urged Onigbanjo to consider his client’s status as member, Body of Benchers, the Pro-Chancellor of the University of Maiduguri and the Chairman, Forum of Pro-Chancellors of Nigerian Federal Universities.

Granting Babalakin’s prayer, Onigbanjo said, “The court is aware of all the considerations cited and it is aware of the status of the defendants in the country. The defendant is hereby granted bail on the basis of self-recognition.”

The judge adjourned till February 25 for the hearing of the applications by all the accused seeking the quashing of the charges as they alleged that same were incompetent.

http://www.punchng.com/news/efcc-finally-arraigns-babalakin-over-n4-7bn-iboris-loot/

Thank God. We are getting there. I hope they get to the root and punish them severely if they are found guilty.

To hell with E F C C stupid people

Business as usual

All na wash!

what of Farouk? Otedollar? EFCC is indeed a 'power to the people' thing, if you say PDP na u sabi...

Thank say Babalakin has been found

**Evryday Court Adjournments

Nothing will come out of this case

worldman: To hell with E F C C stupid people

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Mak dem dey....we dey vexxxxx

The Nigeria judiciary is rotten,the bad eggs therein is alarming because of the sanctuary they provide for these looters that are supposed to be executed.

Anytin wey dem like, mak dem do..... We re all watching

We don hear.very soon dem go pend the case. Next pls

Story Story..........anoda fairytale

ah tink this BABALAKIN is not prosecuted,he is PERSECUTED...probably he has stepped on BIG TOES...toes big enough to bring him down

oloto: Thank God. We are getting there. I hope they get to the root and punish them severely if they are found guilty.

Your post surprise me o. You no dey Nigeria or you no know how things runs here? After two court adjournments, you no go hear anything again, then they will start another case with another person again and again.

Na today....... story all the time

Efcc should go and sit down with their noise making process.

Olugbenger: ah tink this BABALAKIN is not prosecuted,he is PERSECUTED...probably he has stepped on BIG TOES...toes big enough to bring him down

Did he or did he not launder money?
That is the question.

All na wash...nothing dey happen

Granted bail on self recognition for an offence of fraud involving almost $30 million! SMFH!

Maxymilliano: Nothing will come out of this case

no be 2day.....

Who cares, if efcc like they should arrest Goodluck n Obj. Efcc with their mission impossible dealings. Next pls

Nigerian judicial system is a farce. How can someone launder the proceed of crime perpetuated by ibori, when the courts have declared ibori is crime free. So who committed the crime that Babalakin is said to benefit from?

'Granted bail on self-recognition'. I feel like throwing up.