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Babalakin finally arraigned by EFCC over N4.7bn Ibori’s loot

By on January 18, 2013

The Economic and Financial Crimes Commission on Thursday arraigned the Bi-Courtney Chairman over alleged laundering of N4.7bn for convicted former Delta State Governor, James Ibori.

After series of controversial delays ranging from Ibori been hospitalised that delayed court orders, he was finally brought forward.

He had earlier been reported wanted by the EFCC after he did not report at his office the day before his arraignment, which was due on Thursday.

Babalakin was arraigned at a Lagos High Court in Ikeja alongside Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited, and Renix Nigeria Limited.

A 27-count charge was forwarded against Babalakin, one of which is the fraudulent use of money to obtain a Challenger Jet aircraft from Erin Aviation in Mauritius for the convicted ex Governor in 2006.

The proceedings on Thursday were without accusations between the Babalakin lawyers and EFCC’s counsel.

Babalakin and his firms were accused of “corruptly conferring benefit on former Governor James Onanefe Ibori and retention of proceeds of a criminal conduct,” by the prosecuting counsel, Mr. Rotimi Jacobs (SAN).

The persecution said the allegations of “corruptly conferring benefit on account of public action” contravenes Section 516 of the Criminal Code Law, CAP C17, Laws of Lagos State, 2003.

The duo were granted bail by the presiding judge, Justice Adeniyi Onigbanjo after they pleaded not guilty on grounds of “self-recognition.”

They were however asked to leave behind their travel documents with the EFCC.

Prosecuting counsel, Jacob opposed grating the due bail on basis of self-recognition.

The bail was grated on that basis after Babalakin’s counsel begged Onigbanjo to understand with the accused based on his status in the society as member, Body of Benchers, the Pro-Chancellor of the University of Maiduguri and the Chairman, Forum of Pro-Chancellors of Nigerian Federal Universities.

In his remark, the Judge 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 accused had earlier applied for the nullification of the charges; he alleged that the charges were bungling.

The Judge adjourned the hearing to February 25.