JUST IN: Lagos Court Frees Bi-Courtney Boss, Wale Babalakin, Of N4.7bn Fraud, Says EFCC Charges Defective

Chairman of Bi-Courtney Limited, Dr. Wale Babalakin
A Lagos State High Court sitting in Ikeja has discharged the Chairman of Bi-Courtney Limited, Dr. Wale Babalakin, charged with N4.7bn fraud.

Also freed of the alleged crime by Justice Lateef Lawal-Akapo on Monday were Babalakin’s co-defendants: Alex Okoh, Stabilini Vision Limited, Bi-Courtney Limited and Renix Nigeria Limited.

The Economic and Financial Crimes Commission had filed 27 counts bordering on conspiracy, retention of proceeds of criminal conduct and corruptly conferring benefit on account of public action against Babalakin and the others.

The allegation of the anti-graft agency was that the accused fraudulently assisted the convicted former Delta State Governor, James Ibori, to siphon public funds into foreign accounts.

But Lawal-Akapo, in his judgment, on Monday dismissed the charges by the EFCC for want of competence.

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