More Trouble for the Chief Executive Officer of Bi-Courtney, Wale Babalakin, as he has been charged by the Economic and Financial Crimes Commission, EFCC, for money laundering of about N2 billion.
Sources in the commission told revealed that the charges were filed Wednesday morning at a Lagos Court in Ikeja.
The two construction scandals are however different from the money laundering charge. The Babalakin-Ibori money laundering According to sources at the commission, the new charge against Mr. Babalakin is related to his involvement with James Ibori, the former Governor of Delta State who is in jail in the UK for money laundering. Mr. Babalakin is believed to have used one of his many companies to launder about N2 billion for the former governor.
The deal, investigators said was hatched under the guise of building a stadium in Asaba, Delta State during Ibori's tenure as governor (1999-2007). Most of the materials to be used for the construction were allegedly subcontracted to a company owned by Mr. Ibori. Money for the stadium, Over N2 billion, was released, but stadium was never built, investigators said. "Babalakin just helped Ibori siphon the money from the state," an EFCC investigator said.
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