Nigeria: EFCC - Babalakin Laundered Money for Ibori to Buy Airplane

By Tobi Soniyi and Dele Ogbodo, 23 November 2012

Abuja — Details of the 27-count charge filed at the Lagos High Court by the Economic and Financial Crimes Commission (EFCC) on Wednesday against Dr. Olawale Babalakin (SAN) emerged on Thursday.
This is just as the commission's Chairman, Mr. Ibrahim Lamorde, has blamed the paucity of funds for the EFCC's inability to secure convictions in high profile cases involving public officers found to have misappropriated the public funds.
Babalakin, who was charged alongside Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited and Henix Nigeria Limited, was accused of corruptly conferring on the former Governor of Delta State, James Ibori, the sum of N1.3 billion on account of contracts awarded by the state government to Stabilini Visioni Limited.
Babalakin was alleged to have transferred the money to Ibori through various third parties to an Erin Aviation Account in Mauritius for the purchase of a Challenger Jet Aircraft by Ibori.
He was also charged with transferring the sum of N145 million to Ibori on account of contracts awarded by Delta State Government to Stabilini using various people for the purchase of the jet.
Another N141 million was allegedly transferred by him to Ibori for the purchase of the jet.
The offences are contrary to section 98A(1)(a) of the Criminal Code Law CAP CI7 Laws of Lagos State, 2003.
EFCC also charged Babalakin with the retention of proceeds of a criminal conduct contrary to section 17(a) of the EFCC (Establishment) Act, 2004.
Under this head, he was accused of retaining the control of proceeds of financial crime in the sum of $500,000 on behalf of Ibori.
He was also accused of retaining $1 million on behalf of Ibori, which money he transferred to an Erin Aviation Account in Mauritius through Sopeetrol Oil and Gas Limited.
He allegedly retained another proceed of crimes involving the sum of $500,000 on behalf of Ibori, which he transferred to Erin Aviation in Mauritius through Casaka Nigeria Company Limited.
Other companies allegedly used to retain and transfer proceeds of crimes for Ibori by Babalakin are Geofluids Limited and Hyundai Heavy Industries (Nig) Co. Ltd.