Ibori Loot Trial: Wale Babalakin Arraigned, Granted Bail

Lagos businessman and wanted chairman of BiCourtney group of companies today showed up at the Lagos High Court Ikeja where he was arraigned by the Economic and Financial Crimes Commission (EFCC).

Mr. Babalakin who had been declared wanted by the EFCC arrived the court premises and walked straight into the courtroom.
Soon as the court began sitting Mr. Babalaki was officially arraigned alongside Alex Okoh for money laundering relating to a N4.7 billion transaction on behalf of former Delta Stategovernor, James Ibori.
It did not take long before his high priced attorneys argued for bail and the judged obliged them by admitting him on bail on self recognition, agreeing that as a pro-chancellor of the University of Maiduguri, Mr. Babalakin was entitled to bail on self-recognizance.
The case was later adjourned until February 25 2013. Meanwhile, Mr. Babalakin has reportedly approached the Court of Appeal in Lagos to challenge his arraignment. Two federal courts had previously denied his legal challenge to avoid formal arraignment in court.