EFCC arraigns Babalakin, Okoh on 27-count charge

After weeks of dilly-dallying and speculations leading to his being declared wanted by the Economic and Financial Crimes Commission (EFCC) on Wednesday, the Chairman of Bi-Courtney Services Limited, Dr. Wale Babalakin (SAN) was on Thursday arraigned before an Ikeja High Court on
a 27- count charges bordering on money laundering.

Babalakin, who made a surprise appearance at the jam-packed court room presided by Justice Adeniyi Onigbanjo was arraigned along side Alex Okoh, three of their companies, Bi-Courtney Ltd, Stabilini
Visioni Ltd and Renix Nigeria Limited for laundering about N4.7 billion on behalf of the convicted former governor of Delta State, Chief James Onanefe Ibori.

The EFCC has declared Babalakin wanted only a day for his alleged failure to report to the anti-graft agency’s office in defiance to his earlier bail condition but when the charge was read to him by
the court registrar, he pleaded ‘not guilty’ to all the 27-count charges preferred against him by the EFCC.

Okoh on his own part also pleaded “not guilty’ to the charges thereby making room for the hearing of their bail applications.

In moving the bail application, Babalakin’s counsel, Wale Akoni (SAN) prayed the court to grant his client bail on self-recognition.

Also counsel to Okoh, Tayo Oyetibo (SAN) urged the court to grant his client bail on self-recognition as he had once headed a commercial bank in the country and had been always been ready for his arraignment each time it was scheduled.

After taking submissions of the counsel, the judge in two separate rulings, admitted Babalakin and Okoh to bail on self-recognition but ordered them to deposit their traveling documents with the EFCC.

The judge’s decision to grant Babalakin and Okoh bail on self-recognition followed the non-challenge of their bail applications by the EFCC’s counsel, Rotimi Jacobs (SAN), when their counsel made the bail application.

The court however directed that their international passports be deposited with the EFCC and should only be released upon the consent of the court and adjourned till February 25, 2013 for further hearing on the matter as well as to allow parties adequate time to file all their processes.


Source:Vanguard