The Economic and Financial Crimes Commission (EFCC) last week
arrested and briefly detained Wale Babalakin, a Lagos-based businessman,
on charges of facilitating money laundering by former Governor James
Ibori of Delta State.
The EFCC detained Mr. Babalakin overnight last Saturday and subsequently granted him administrative bail.
A source close to suspect, a lawyer whose company owns the new wing
of the Ikeja domestic airport, told SaharaReporters that Mr. Babalakin
was “shaken when the EFCC came for him,” adding that the businessman
quickly contacted his political sponsors to arrange his “administrative”
When SaharaReporters called EFCC spokesperson, Wilson Uwujaren, he
confirmed that the anti-corruption agency arrested Mr. Babalakin and
detained him

overnight at an EFCC facility.

An investigator at the EFCC told Saharareporters that Mr. Babalakin
had a long association with former Governor Ibori. “He took part in
money laundering runs that involved buying luxury apartments on behalf
of Ibori in Florida, US.”
The source said the agency had also discovered that Mr. Babalakin
used six companies to launder funds that were meant to buy a Bombardier
plane for Mr. Ibori who is currently detained in London where he is
facing money laundering charges.
The EFCC source as well as an associate of Mr. Babalakin told
SaharaReporters that investigators had traced N1.2 billion of Ibori’s
loot to Babalakin. The EFCC investigator also revealed that the agency
was trying to locate another N400 million that Mr. Babalakin could not
account for.
EFCC investigators are reportedly 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

Mr. Ibori’s trial has commenced in London, several months after he
was extradited from Dubai to face money laundering charges in the UK.
Source – Saharareporters

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