Money laundering: The case against Babalakin, by EFCC

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From IKENNA EMEWU and IHEANACHO NWOSU, Abuja

The Economic and Financial Crimes Commission (EFCC) yesterday at the Ikeja High Court, Lagos filed 27 charges against the Chairman of Bi-Courtney Limited, Chief Wale Babalakin. The charges, filed on behalf of EFCC by AM Yusuf, indicted Babalakin of laundering money for former governor of Delta Sate, James Ibori in May and December 2006. The charges alleged that he, through his companies, used as conduit pipe, assisted Ibori through fake contracts to launder illicit funds of N1.3billion.

It noted that they acted contrary to laws of Lagos State, corruptly conferred benefits on public action contrary to section 516 of the Criminal Code laws, cap. C17, laws of Lagos State, 2003. The second charge accused him of using same process contrary to section 98A(1)(a) of the Criminal Code law, cap C17, Laws of Lags State. It explained that Babalakin and his companies in May 2006 conferred benefit on Ibori to the tune N145million on contract awarded his companies by transferring the money through third parties to Erin Aviation in Mauritius for the procurement of a jet for Ibori.

The same charge was repeated over the same act used in transferring different amounts of money on May 10, 2006” The charges stated that the money involved belonged to the former governor of Delta State. Some of the charges are as follows: “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 N1,356,600,000.00 (One billion, three hundred and fifty six million six hundred thousand Naira) on account 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 Aircraft by the said James Onanafe 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 N145,500,000.00 (One hundred and forty five million, five hundred thousand Naira) on account 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 Aircraft by the said James Onanafe 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 N141,000,000.00 (One Hundred and forty one million Naira) on account 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 aircraft by the said James Onanefe Ibori. Count 4: That you, Dr. Bolanle Olawale Babalakin, Stabilini Visinoni Limited and Bi-Courtney Ltd. 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 N118,000,000.00 (One hundred and eighteen million naira) on account of contracts awarded by Delta State Government to Stabilini Visinoni Limited by transferring the said sum through various third parties to Erin Aviation account in Mauritius for the purchase of Challenger jet aircraft by the said James Onanefe Ibori. Count 5: That you, Dr. Bolanle Olawale Babalakin, Stabilini Visinoni Limited and Bi-Courtney Ltd. 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 N100,000,000.00 (One hundred million naira) on account of contracts awarded by Delta State Government to Stabilini Visinoni Limited by transferring the said sum through various third parties to Erin Aviation account in Mauritius for the purchase of Challenger jet aircraft by the said James Onanefe Ibori. Count 6: That you, Dr. Bolanle Olawale Babalakin, Stabilini Visinoni Limited and Bi-Courtney Ltd. 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 N89,000,000.00 (Eighty nine million naira) on account of contracts awarded by Delta State Government to Stabilini Visinoni Limited by transferring the said sum through various third parties to Erin Aviation account in Mauritius for the purchase of Challenger jet aircraft by the said James Onanefe Ibori. Count 7: That you, Dr. Bolanle Olawale Babalakin, Stabilini Visinoni Limited and Bi-Courtney Ltd. 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 N102,000,000.00 (One hundred and two million naira) on account of contracts awarded by Delta State Government to Stabilini Visinoni Limited by transferring the said sum through various third parties to Erin Aviation account in Mauritius for the purchase of Challenger jet aircraft by the said James Onanefe Ibori. Count 8: That you, Dr. Bolanle Olawale Babalakin, Stabilini Visinoni Limited and Bi-Courtney Ltd.

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 N260,000,000.00 (Two hundred and sixty million naira) on account of contracts awarded by Delta State Government to Stabilini Visinoni Limited by transferring the said sum through various third parties to Erin Aviation account in Mauritius for the purchase of Challenger jet aircraft by the said James Onanefe Ibori. The other accused persons alleged to have conspired with Babalakin to launder money for Ibori were Alex Okoh and Renix Nigeria Limited.

The offences are contrary to the EFCC Act of 2004. The last charge said Okoh and Renix Los transferred N250million for Ibori bordering on economic crime and withdrawn from Delta State purse.

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22 Comments

  1. Because Bi Courtney has defeated many contestance, now to deny babalakin his due licence, pettiition writers now remember some deals he had with James Ibori. Why re they holding d informations so long before now.if not to nail his business ventures, nonsense.

  2. Those that climb the back of tiger to torment other people should know that when the tiger gets hungry, they are the first victim.
    Can wale babalake explain the source of his stupendous wealth if not robbing peter to pay paul which most of them are engaged in.
    Me think that its wale’s time now to vomit part of his loot since it is turn by turn Nigerian limited. Ride on efcc.

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  4. The truth behind the termination of Bi-Courtney Limited road contracts are coming out, those thieves can never stop using all means to deceive unsuspecting general public, they told us different thing few days ago, the minister of works alleged that the reason behind the termination of the contract was as a result of nonperformance of the Bi-Courtney Limited to the latter…. criminals.

  5. THOSE THAT STOLE BILLIONS BY EFCC
    Dr Erastus Akingbola N27 billion.
    Chief Osa Osunde N55 billion
    Charles Silva Opuala N2.4 billion
    Francis Okokuro N2.4 billion
    Francis Atuche N80 billion
    Okey Nwosu N95.1 Billion
    Sebastian Adigwe N277.3 Billion
    Raymond Obieri N131.8 Billion
    Dr Bartholo-mew N187.1 Billion
    Cecilia Ibru N160.2 Billion
    Tom Iseghohi N15 Billion
    Dr Ransome Owan N1.5 Billion
    Rasheed Ladoja N6 Billion
    Bode George N100 Billion
    Babalola Borishade N5.6 Billion
    Nyeson Wike N4.670 Billion
    Roland Iyayi N5.6 Billion
    Chimaroke Nnamani N5.3 Billion
    Lucky Igbinedion N4.3 Billion
    James Ibori N9.2 Billion
    Orji Uzor Kalu N5 Billion
    Ayo Fayose N1.2 Billion
    Saminu Turaki N36 Billion
    Jolly Nyame N1.3 billion
    Michael Botmang N1.5 Billion
    Hamman Bello Hammed N2.5 Billion
    BANKOLE ?????

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  7. HISTORY MUST BE TOLD.PETERS on

    This is a BANANA REP, 9ija am sorry 4 u !!! and we are crying 4 unemplyment, d youths are roaming the streets, while all these money is being stucked away in diffrent countries and they are using it to provide jobs for thier citizens, does all these pple deserve to live ?? capital NO !! , they deserve to be hanged no matter the tribe 4 crying out lound.

  8. No one is innocent as long as they parade at the corridor of power, which include the president to the local gov’t councilor and their biz partners

  9. It is very disheartening that so much money is been found in the hand of those that have been in authority through fraud. What will posterity emulate. Where is these money when gotten back.If Nigerians in authority make judicious use of our money all we live in heaven on earth

  10. Our leaders are corrupt they can never stop loving money.just imagine the billion and more of it they are calling. The end will justify the means. Leaving the masses 2 suffer.

  11. when uncle jonah and baba settle their quarrel all these matters will become wll o’ wisp to us all…they shakara themselves but whip us with useless dreams even when we sleep..meanwhile the best i do is to shout on the net…wetin make man do now as i no fit bomb dem plane!…

  12. This is ridiculous…why now. If you don’t dance to their tone they’ll make you a scapegoat. If you challenged they’ll dealt with you. NA waoh

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