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Money Laundering: Babalakin Gets Bail

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Chairman of BiCourtney group of companies, Dr Wale Babalaakin, was earlier  today arraigned at the Lagos High Court Ikeja, and granted bail.

Babalakin  was   arraigned alongside Alex Okoh for money laundering relating to a N4.7 billion transaction on behalf of former Delta State governor, James Ibori.

The  judge obliged admitted  him on bail on self recognition, and agreed with his counsels  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, . 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.