Flash! N4.7b Fraud: EFCC To Arraign Now-Fit Babalakin, Others On Thursday


The Economic and Financial Crimes Commission (EFCC) will on Thursday arraign the Chairman of Bi-Courtney Ltd., Wale Babalakin for an alleged N4.7 billion fraud. Babalakin was charged before Justice Adeniyi Onigbanjo of a Lagos High Court in Ikeja.

He was charged alongside Alex Okoh, Stabilini Visioni Ltd., Bi-Courtney Ltd. and Renix Nigeria Ltd. for fraudulently transferring N4.7 billion on behalf of convicted former governor of Delta, James Ibori.

Efforts to arraign the defendants were stalled on Nov.29, 2012 and Dec. 12, 2012, after Babalakin’s counsel told the court that the first defendant was on admission at the Lagos University Teaching Hospital (LUTH).

EFCC spokesperson, Mr Wilson Uwujaren, on Wednesday said that Babalakin has since been discharged from LUTH and was fit to take his plea.

Courtesy NAN

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