Embattled Chairman of Bi-Courtney Ltd, Mr. Wale Babalakin was finally arraigned on Thursday by the Economic and Financial Crimes Commission (EFCC) over an alleged N4.7bn fraud, following a dramatic pro and anti-arraignment tussle between him and the agency.
However, Babalakin, arraigned before Justice Adeniyi Onigbanjo of the Lagos High Court sitting in Ikeja, was granted bail after his lawyer, Mr A. Akoni convinced the court to tale the decision on the basis of self-recognition as a member of Body of Benchers, as Pro-Chancellor of the University of Maiduguri, and as Chairman of Forum of Pro-Chancellors of Nigerian Federal Universities.
EFCC counsel, Rotimi Jacobs (SAN) did not oppose the bail but he asked the court to set the bail on terms that would compel the defendant to appear in court on the next adjourned date.
The businessman stormed the court with some prayer warriors, some wearing religious attires and mumbling prayers as he pleaded not guilty to all the 21-count charges filed against him.
The court granted the bail but ordered that his international passport should be kept with the EFCC, apparently to prevent him from jumping bail.
His alleged accomplice and second defendant, Mr. Alex Okoh was also granted bail after his counsel, Tayo Oyetibo (SAN) similarly applied for his bail on recognition. His was easier to grant, as his passport was already in custody of the EFCC.
The court adjourned the case to February 25th, 2013.
Babalakin and Okoh were accused by the EFCC of criminal conspiracy and money laundering, including corrupt enrichment of N1.3bn
Babalakin, Stabilini Visioni Limited, and Bi-Courtney Limited are alleged to have transferred the said amount to Erin Aviation, Mauritius, for the purchase of Challenger Jet Aircraft for former governor James Ibori of Delta State, who is currently in jail in the United Kingdom.
The EFCC also suspects that the accused used Interactive Technologies/TN Focus, Supetrol Oil and Gas Limited, Casaka Nigeria Company Limited, Geofluids Limited and Hyundai Heavy Industries (Nig.) Company Limited to execute the alleged rackets.
Speaking to the media after the adjournment, Babalakin described his arraignment as an epoch-making incident in the sense of a massive machination that is difficult to reconcile with facts.
He recalled that the EFCC declared him wanted only on Wednesday and then turned around to say that he had complied with all bail terms.
“So obviously, the declaration is a figment of the EFCC’s imagination,” he added.
On his part, the EFCC counsel said: “we did not bring him to court; he came on his own, then what moral justification do I have to then oppose bail? Nothing will come out of the case because there is absolutely no shred of evidence connecting the first defendant to this case. We will show it in court.”
Over the last couple of weeks, Babalakin had employed several strategies in preventing his prosecution by EFCC, including holing up in a ward at the Lagos State University Teaching Hospital on claims of an illness which nature he has yet to disclose
