SAN FRANCISCO, February 23, (THEWILL) – A Lagos State High Court Monday freed the Chairman of Bi-Courtney Limited, Mr. Wale Babalakin (SAN), as well as Mr. Alex Okoh, a former Managing Director of the defunct New Nigerian Bank International Plc and their companies in the fraud and money laundering suit instituted against them by the Economic and Financial Crimes Commission (EFCC).
Presiding judge in the N4.7 billion naira alleged money-laundering suit, Justice Lateef Lawal-Akapo, in his ruling said the EFCC did not provide sufficient evidence against the defendants and therefore discharged them. The companies are Bi-Courtney Limited, Renix Nigeria Limited and Stabilini Visioni Limited.
The EFCC had alleged in a 27-count charge sheet that they conspired and helped Chief James Ibori, a former Governor of Delta State, launder about N4.7 billion naira belonging to the Delta State government, while he was governor of the state.
Ibori is serving out his prison sentence in London, United Kingdom, following his conviction for stealing and laundering state funds.
Meanwhile, the EFCC in a statement by its spokesman, Wilson Uwujaren, after the ruling said it will “Avail itself of all available options, including the right of appeal, after careful study of the ruling.”
