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Bank boss Babalakin wants fraud charges dropped

01 July 2014, 06:55

Lagos - The embattled Chairman of Bi-Courtney Limited, Dr Wale Babalakin, and his co-defendants have argued their applications, asking an Ikeja High Court to quash the charges the Economic and Financial Crimes Commission (EFCC) has preferred against them.

Babalakin, alongside Alex Okoh, Stabilini Vision Ltd, Bi-Courtney Ltd and Renix Nigeria Ltd, are facing a 27-count charge for fraudulently transferring N4,7 billion on behalf of the convicted former governor of Delta State, James Ibori.

The EFCC alleged that Babalakin and his co-defendants fraudulently assisted Ibori to transfer huge sums of money through various parties to Erin Aviation account in Mauritius for the purchase of a plane.

At the resumed hearing of the matter before Justice Lateef Lawal-Akapo, the defendants through their counsels argued that the suit was incompetent and urged the court to quash it.

“Our submission is that it (joint-prosecution) is unknown to Law. There is no judicial authority to support it. If they fail to show that it has foundation in Law, then it is a nullity,” the counsels said.

The prosecution team opposed the plea to quash the charges.

Justice Lawal Akapo has adjourned the matter until July 14 to entertain submissions of the other defendants in the case.

– CAJ News


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