Babalakin, Bi-Courtney boss, charged for laundering N2bn ‘Ibori money’

Wale Babalakin, [Photo:]

He allegedly helped James Ibori siphon the money from Delta State

There seems to be no end in sight to the troubles of the Chief Executive Officer of Bi-Courtney, Wale Babalakin, as he has been charged by the Economic and Financial Crimes Commission, EFCC, for money laundering of about N2 billion.

Sources in the commission told PREMIUM TIMES that the charges were filed Wednesday morning at a Lagos Court in Ikeja.

The Federal Government on Monday announced the cancellation of its contract agreement with Bi-Courtney on the Lagos-Ibadan Expressway. The multi-billion dollar contract would have seen the company re-construct the road and then manage it for several years. The company would have made its profit by tolling and taxing users of the road, Nigeria’s busiest inter-state road.

The Federal Government said the company had failed to maintain or reconstruct the road.

Also on Tuesday, the Ondo State Government announced its readiness to cancel a N4.8 billion road contract in Akure awarded to another company, Homan Engineering Limited, believed to be owned by Mr. Babalakin. The State’s Commissioner for Works, Gboye Adegbenro, said three years after the contract was issued and adequate payment made, the company was yet to reach 30 per cent of construction.

The two construction scandals are however different from the money laundering charge.

The Babalakin-Ibori money laundering

According to sources at the commission, the new charge against Mr. Babalakin is related to his involvement with James Ibori, the former Governor of Delta State who is in jail in the UK for money laundering.

Mr. Babalakin is believed to have used one of his many companies to launder the N2 billion for the former governor.

The deal, investigators said was hatched under the guise of building a stadium in Asaba, Delta State during Ibori’s tenure as governor (1999-2007). Most of the materials to be used for the construction were allegedly subcontracted to a company owned by Mr. Ibori.

Money for the stadium, N2 billion, was released, but stadium was never built, investigators said.

“Babalakin just helped Ibori siphon the money from the state,” an EFCC investigator said.

PREMIUM TIMES learnt that officials of the London Metropolitan Police, who are still working with the EFCC on Ibori’s complex web of corruption, visited Nigeria about three times over this new case involving Mr. Babalakin.

Wale Bablakin’s integrity

This new charge by the EFCC questions the integrity of Mr. Babalakin, a man whose companies have been involved in one controversial deal or the other. The charge is a culmination of the commission’s months of investigating Mr. Babalakin’s link with Mr. Ibori. The businessman was in February arrested and detained for one night by the commission during its investigations.

Born four months before Nigeria gained her independence in 1960, the businessman is currently the Pro-Chancellor of the University of Maiduguri, Borno State. As Pro-Chancellor, he is the chairman of the Governing Council of the institution. The PhD holder from the University of Cambridge was called to the Nigerian bar in 1982 One of his companies, Bi-Courtney Aviation Services Ltd, is currently managing the MMA2 Lagos Airport terminal as part of a public private partnership with the Federal Government.

The EFCC spokesperson, Wilson Uwujaren, could not be reached for confirmation as he did not return calls, while the spokesperson to Mr. Babalakin’s Bi-Courtney, Dipo Kehinde, said he was driving and could not talk on phone.


Mr. Kehinde has gotten back to PREMIUM TIMES.

In a telephone interview, he said he is yet to be briefed on the court case.

“I’m not aware of anything as such but I’ll be going in for a meeting with my boss and a statement will be issued as regards to that,” Mr. Kehinde said.


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  • akpos1

    Which continent Nigeria Pastor slaps his church members when
    they do not contribute enough money toward buying a private jet for him?

    a)David Oduyemi

    b) Pastor Bakare

    c) Pastor Chris

    d) Pastor Oritsejafor

    e) Pastor adeboye

    Which continent Nigeria Pastor has developed mouth cholera
    because he lost election to become vice president & therefore lost his
    ambition to ride on presidential private jet?

    a)David Oduyemi

    b) Pastor Bakare

    c) Pastor Chris

    d) Pastor Oritsejafor

    e) Pastor adeboye

    Which continent Nigerian country are very good at
    criticizing other people except their own, but whose perennial cowardice has no
    match, resulting in them having a history of Foreigners coming over to rule
    over them as Kings?

    a) Biafra Republic

    b) Arewa Republic

    c) Oduduwa Republic

    d) Republic of the SS & SE/Niger Delta Republic

    Which former president of the continent has been stealing since 1979 & has refused to die?

    Fill in the gap ———————–

    Long live Isaac Adaka Boro

    Long live Ken S. Wiwa

    Long live Dim Chukwuemeka Ojukwu

    Long live the SS & SE Republicp

    • Mpitikwelu_na_Ugwu_Awusa


      • Mohammed

        real lol mpitikwelu_na_Ugwu_Awusa/akpos1, I am loving this show oooo. I love these tribalist quizes. We are going to have more. Make una no go ooooo. These quizes dey make me do wen…!! Okay let us have more quizes on burning national issues.

        1. When did Madam Diezani-Madueke-Jona…t….h…a…n travel to Britain?

        2. When did Madam Dame Patience Jonathan travel to Germany?

        3. Was there a coincidence in terms of time of the trips to Britain and Germany of the two Presidential Madams?

        4. If there was a concidence, why?

        5. What exactly did Madam Diezani-Madueke -Jona…t…h… go to do in Britain?

        6. What exactly did Madam Patience Dame go to do in Germany?

        Winners will be awarded board members of Madam Diezani-Madueke-Jona’s NNPC.
        CaaaaarrrryyyyyGo boys and girls!!!!!!

    • Dan-Hausa

      It seems you are lost, do you think SS will be with you on the brink breakage? Stop deceiving yourself and face the reality. Inyamiri is always a shame in every country in this world. Please google Nigerian student in malaysia and see how inyamiri is disgracing Nigerians. You are always a cancer that must be removed.

      • hitBack

        Can you remove the cancer and its oil and go your way?

        • Toby

          Aboki, shine my shoe

        • Dan-Hausa

          The vulture is a patient bird, it will definitely come one day; don’t you know that is because of the North that you are living in peace? Do you mean to say the Ijaws and the Itsekiri are not at each others throat? Oil or no oil we can survive and live a better life. Please visit the north and see arable land and our donkeys that you people consider as a delicacy. Is now that I really believe that you people are myopic.

      • hitBack

        Can you remove the cancer and its oil and go your way, you fool?

    • Mohammed


      I like this tribal madness. E sweet well well. I like am well well. Make yu no stop oo. I beg make I join una. Okay dis na my own question. Na objective question ooooooo. So answer. The correct answer will get an oil contract from President Jonathan. Please do not stop. You started it. So we must enjoy it. This must continue in the name of our great continent!!!!

      Who is the most beautiful among President Jonathan’s wives?

      a. Mrs. Diezani-Madueke-Jona t..h..a..n…

      b. Mrs. Dame Patience Jonathan

      c. Unknown Madam.

  • Hickey

    Real Yorubas or Hausas lack workable business logic.Names like Babalakin, Otedola, Adenuga, Dangote represent the worst of this country’s emergency billionaires who corner the peoples’ wealth and continually enslave them

    • titus

      I also heard that Dan Etete of Malabu Oil blocak theft is Yoruba, that The Governor-General of the Ijaws Diepriye Alamieyesigha was once an Hausa Fulani woman who metmorphosed to become an Ijaw man and later Governor, and that Ibori is actually not a Delta man but Yoruba from Itsekiri!!! , and that the priest of Otuoke church (who collected the church gift from President Jonathans’ Italian friend) in President Jonathan’s village where he worshipped was a Yoruba man and the “white” Italian who gave the gift was actually a Hausa man before he died, and that after his death he became a Boko Haram!!! And that finally President Jonathan and Madam Diezani Madueke -Jonathan, sorry, just Madam Diezani Madueke(because Madam Patience Dame must not hear this oooo say I blow the tory!!!!) who both sit on the most monumental corruption in contemporary times are Yorubas and Hausas all rolll into one!!!! You see your problem when you put on your tribalist goggle on . We know your agenda from President Jonathan and the presidency. Carry Go guys, I love this monumental tribalism going on. Let us hit!

    • you are u forgot Ifeanyi Uba…….. dat stupid yoruba man god go punish am ……..for obtaining Maduka a fellow yoruba man.

  • akpos1

    akpos1 is a First Class Chief in the Niger Delta. Be warned.

    You should learn to observe some decorum when you make your comments about me. Otherwise, I will use some fraction of our oil money to recruit one Pastor who has a special slapping anointing, to help me slap your dirty face since by boys are not close to you in Lagos where I have confirmed that you sent your comments from.

    I know your problem… you see Ojukwu name, you begin piss for your pant. Typical yoruba man. The fear of the East is the beginning of wisdom for you people. No wonder, Hausa dey use una do yeye for Illorin.

    His excellency,

    Chief Ochuko Onajite akpomudiare 1

  • Alex Akinyemi

    This EFCC are jokers.why wait so long before they prosecute this guy,? It is now that he does not perform. This is a jamboree. At the end of the day is going to be plead – bargain.