EFCC Arrests Lagos Billionaire, Wale Babalakin For Laundering Money For Ibori

8 years ago by: Daniel Bosai
(m) at 23-02-2012 09:53AM (8 years ago)

(18666 | Hero)

The Economic and Financial Crimes Commission (EFCC) last week arrested and briefly detained Wale Babalakin, a Lagos-based businessman, on charges of facilitating money laundering by former Governor James Ibori of Delta State.
The EFCC detained Mr. Babalakin overnight last Saturday and subsequently granted him administrative bail.
A source close to suspect, a lawyer whose company owns the new wing of the Ikeja domestic airport, told SaharaReporters that Mr. Babalakin was “shaken when the EFCC came for him,” adding that the businessman quickly contacted his political sponsors to arrange his “administrative” release.
When SaharaReporters called EFCC spokesperson, Wilson Uwujaren, he confirmed that the anti-corruption agency arrested Mr. Babalakin and detained him
overnight at an EFCC facility.
An investigator at the EFCC told Saharareporters that Mr. Babalakin had a long association with former Governor Ibori. “He took part in money laundering runs that involved buying luxury apartments on behalf of Ibori in Florida, US.”
 
The source said the agency had also discovered that Mr. Babalakin used six companies to launder funds that were meant to buy a Bombardier plane for Mr. Ibori who is currently detained in London where he is facing money laundering charges.
The EFCC source as well as an associate of Mr. Babalakin told SaharaReporters that investigators had traced N1.2 billion of Ibori’s loot to Babalakin. The EFCC investigator also revealed that the agency was trying to locate another N400 million that Mr. Babalakin could not account for.
EFCC investigators are reportedly preparing to interrogate several other accomplices used by Mr. Ibori to carry out his extensive money laundering schemes. British and Nigerian law enforcement officials believe that Mr. Ibori laundered a sum that ranged between $2 and $3 billion.
Mr. Ibori's trial has commenced in London, several months after he was extradited from Dubai to face money laundering charges in the UK.



henrolrich (m) at 23-02-2012 02:52PM
(11 | Newbie)

After ibori, sure e go b gudluck jona
Reply
lertipha (f) at 23-02-2012 03:27PM
(863 | Upcoming)

No be today efcc don dey catch them. They would release him soonest.
Reply
Idbabe (f) at 23-02-2012 10:00PM
(7861 | Hero)

Ppl wey go sch for day time, abeg wetin b administrative bail? Make dem deceive demselves, they'v collected dia share n case close. Na petty tif dey go jail hia
Reply
Unikpearl (f) at 23-02-2012 10:09PM
(3048 | Gistmaniac)

Wait o...na where efcc dey keep all d money way dem don dey collect from fraudsters sef
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aso4life1 (m) at 28-02-2012 04:14PM
(11568 | Hero)

ole

Reply
beachL (m) at 29-02-2012 11:00AM
(9 | Newbie)

We all knew that efcc ARREST IS not new. Pls. arrest as usual and release any body u want to release. I BEG EFCC & Mr. PRRESIDENT to list out the list of money recovered from the fraudsters, and let us know what you want to use it for and the value cast of project. Tel us if the money is not available, means, OLE GBE, OLE GBA Gov.
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sayiyke (m) at 6-06-2012 06:41AM
(77 | Newbie)

I'm not a lawyer per say. About this is the 1st time I'm hearing the term, 'administrative bail'. Is it the bail that let's you go because you are an administrator or is it the one that let's you go because you know administrators?

SO ALL THIS AMOUNT OF MONEY DEY THIS COUNTRY AND MAN DEY STRUGGLE?!

GOD! IF E GOOD FOR YOUR EYE, E GOOD FOR MY OWN TOO.

period.
Reply
sayiyke (m) at 6-06-2012 06:41AM
(77 | Newbie)

I'm not a lawyer per say. About this is the 1st time I'm hearing the term, 'administrative bail'. Is it the bail that let's you go because you are an administrator or is it the one that let's you go because you know administrators?

SO ALL THIS AMOUNT OF MONEY DEY THIS COUNTRY AND MAN DEY STRUGGLE?!

GOD! IF E GOOD FOR YOUR EYE, E GOOD FOR MY OWN TOO.

period.
Reply
chicco77 (f) at 26-08-2012 09:50AM
(22116 | Addicted Hero)

 Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes
Reply