Money Laundering: Babalakin Gets Bail
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.