Wale Babalakin in trouble over money laundering.
Wale Babalakin in trouble over money laundering.
All is definitely not going well for Lagos-based businessman, Wale Babalakin. During the previous week, he was arrested and detained by The Economic and Financial Crimes Commission (EFCC) on charges of facilitating money laundering.
Though he was eventually granted bail, he was detained overnight last Saturday before he was subsequently granted administrative bail. Shaken and flustered at the time of arrest, Babalakin betrayed his guilt, and only the timely intervention of friends got him released.
Babalakin was arrested due to the part he played in alliance with former Governor Ibori. He, according to sources was an active tool in the money laundering deals that involved buying luxury apartments on behalf of Ibori in Florida, US.
Thinking the arm of the law could not reach him, Babalakin reveled in his profits, but is currently biting his fingers. Furthermore, he was reported to have used a number of companies to launder the funds which were originally earmarked for ex-governor Ibori’s Bombardier plane. Mr. Ibori on his part is currently in detention back in London, also facing laundering charges.
It was further revealed that the sum of N1.2 billion of Ibori’s loot was traced to Babalakin. An EFCC investigator also revealed that the agency was trying to locate another N400 million that Mr. Babalakin could not account for.
All is definitely not going well for Lagos-based businessman, Wale Babalakin. During the previous week, he was arrested and detained by The Economic and Financial Crimes Commission (EFCC) on charges of facilitating money laundering.
Though he was eventually granted bail, he was detained overnight last Saturday before he was subsequently granted administrative bail. Shaken and flustered at the time of arrest, Babalakin betrayed his guilt, and only the timely intervention of friends got him released.
Babalakin was arrested due to the part he played in alliance with former Governor Ibori. He, according to sources was an active tool in the money laundering deals that involved buying luxury apartments on behalf of Ibori in Florida, US.
Thinking the arm of the law could not reach him, Babalakin reveled in his profits, but is currently biting his fingers. Furthermore, he was reported to have used a number of companies to launder the funds which were originally earmarked for ex-governor Ibori’s Bombardier plane. Mr. Ibori on his part is currently in detention back in London, also facing laundering charges.
It was further revealed that the sum of N1.2 billion of Ibori’s loot was traced to Babalakin. An EFCC investigator also revealed that the agency was trying to locate another N400 million that Mr. Babalakin could not account for.
Further investigations are reportedly being carried out, and the EFCC is preparing to interrogate several other accomplices used by Mr. Ibori to carry out his extensive money laundering schemes. British and Nigerian law enforcement officials believe that Mr. Ibori laundered a sum that ranged between $2 and $3 billion. While Ibori’s trial has commenced in London, Babalakin’s is expected to start soon, and the respite he’s currently enjoying from the law is bound to be short-lived in light of his many crimes.
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