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EFCC Accuses Babalakin of Laundering N3.4b for Ibori through Mauritius

By on November 23, 2012

The Economic and Financial Crimes Commission (EFCC) has accused the Chairman of Bi-Courtney, Dr. Olawale Babalakin, and four others for laundering money for former Delta Governor James Ibori through Mauritius.

EFCC said Dr. Olawale Babalakin, Stabilini Vision Limited, Bi-Courtney Limited, Alex Okoh, and Renix Nigeria Limited laundered over N3.4 billion through Mauritius for former governor to buy an aircraft.

It also accused the five suspects of siphoning $11.3 million abroad for Ibori through Erin Aviation Account in Mauritius.

The commission filled a 27-count charge against the five suspects in the High Court of Lagos State, Ikeja Division.

On behalf of the EFCC and the Attorney-General of the Federation, A.M. Yusuf Esq filled the 27 count charges dated November 21.

Although as at yesterday, a day was yet to be fixed when the suspects will be arraigned in court as the commission is still expecting them to report.

A source said: “Babalakin called EFCC on Thursday and he assured us that he would report at the commission’s office. We have prepared our investigators for him in the Lagos office and at the headquarters in Abuja.

“We have extended courtesy to Babalakin and we gave him ample opportunity to respect our invitation. If he does not, we know the right step to take.”

In the charge sheet, all the suspects are to be arraigned in court for alleged “conspiracy to commit felony, to wit: corruptly conferring benefit on account of public action, contrary to Section 516 of the Criminal Code Law, CAP. C17, Laws of Lagos State, 2003”.

They are also to respond to allegation of “corruptly conferring benefit on account of public action, contrary to Section 98A (1) (a) of the Criminal Code Law, CAP. C17, Laws of Lagos State, 2003.”

The third leg of allegation is “retention of proceed of a criminal conduct contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act, 2004”.

Part of the charge sheet reads, “That you, Dr. Bolanle Olawale Babalakin, Stabilini Visioni Limited and Bi-Courtney Limited, between May 2006 and December 2006 within the jurisdiction of this Honourable Court did corruptly confer benefit on former Governor James Onanefe Ibori to wit: the sum of N1, 356, 600b on account of contracts awarded by Delta State Government through various third parties to Erin Aviation Account in Mauritius for the purchase of Challenger Jet Aircraft by the said James Onanefe Ibori.

“That you, Dr. Bolanle Olawale Babalakin, Stabilini Visioni Limited and Bi-Courtney Limited on or about 3rd May 2006 within the jurisdiction of this Honourable Court did corruptly confer benefit on former Governor James Onanefe Ibori to wit: the sum of N145,500,000 on account of contracts awarded by Delta State Government to Stabilini Visioni Limited by transferring the said sum through third parties to Erin Aviation Account in Mauritius for the purchase of Challenger Jet Aircraft by the said James Onanefe Ibori.

“That you, Dr. Bolanle Olawale Babalakin, Stabilini Visioni Limited and Bi-Courtney Limited on or about 10th May 2006 within the jurisdiction of this Honourable Court did corruptly confer benefit on former Governor James Onanefe Ibori to wit: the sum of N118million awarded by Delta State Government to Stabilini Visioni Limited by transferring the said sum through third parties to Erin Aviation Account in Mauritius for the purchase of Challenger Jet Aircraft by the said James Onanefe Ibori.

Other funds allegedly laundered by Babalakin, Stabilini Visioni, Bi-Courtney on the 5th, 10th and 26th of May were N100,000; N 89m; N102m; N35m; N156m; and N67m.

The EFCC also alleged that on June 2, 2006, the suspects “did corruptly confer benefit on former Governor James Onanefe Ibori to wit: the sum of N260m on accounts of contracts awarded by Delta State Government to Stabilini Visioni Limited by transferring the said sum through various third parties to Erin Aviation account in Mauritius for the purchase of Challenger Jet.”

According to the charge sheet the dollar components of the funds laundered by the suspects in company with two others.

They will face trial for alleged “retention of proceeds of a criminal conduct, contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004.”

The EFCC said: “That you. Dr. Bolanle Olawale Babalakin, Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited on or about 15th May 2006 within the jurisdiction of this Honourable Court did retain the control of proceeds of financial crime to wit: the sum of $500,000 on behalf of James Onanefe Ibori by transferring the said sum to Erin Aviation account in Mauritius through Interactive Technologies Limited/ TN FOCUS and which sum you knew was as a result of criminal conduct by the said James Onanefe Ibori.

The EFCC alleged that the suspects had also separately laundered $2m, $1m, $2m, $300,000, and $500,000, among others, for Ibori.

The commission added: “That you, Dr. Bolanle Olawale Babalakin, Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited on or about 17th November, 2006 within the jurisdiction of this Honourable Court did retain the control of proceeds of financial crime to wit: the sum of $2m on behalf of James Onanefe Ibori by transferring the said sum to Erin Aviation account in Mauritius through HYUNDAI HEAVY INDUSTRIES and which sum you knew was as a result of criminal conduct by the said James Onanefe Ibori.”