EFCC arraigns Bi-Courtney boss Wale Babalakin over N4.7bn scam

At last, the embattled Chairman of Bi-Courtney Limited, Dr. Wale Babalakin (SAN), was Thursday arraigned before Justice Adeniyi Onigbanjo of an Ikeja High Court on a 27-court charge preferred against him by the Economic and Financial Crimes Commission (EFCC).

Babalakin was arraigned alongside his companies Stabilini Visioni Ltd, Bi-Courtney Limited, Renix Nigeria Limited. He was charged in connection with criminal conspiracy and money laundering to the tune of N4.7 billion on behalf of the convicted former Delta State governor, Chief James Ibori.

The anti-graft commission had alleged that the defendants fraudulently assisted Ibori to transfer various sums, through various parties, to an Erin Aviation Account in Mauritius for the purchase of a Challenger Jet aircraft.

Babalakin’s offences, according to the anti-graft commission, are contrary to Section 17(a) of the EFCC (Establishment) Act 2004.

Efforts to arraign the defendants were stalled on November 29 and December 12 last year after Babalakin’s counsel told the court that he had been admitted at the Lagos University Teaching Hospital (LUTH), Idi-Araba, Lagos.

At the last adjourned date of the case, Justice Onigbanjo had fixed January 17 for further hearing into the case due to the purported ill-health of the first defendant.