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.

http://premiumtimesng.com/news/108006-breaking-news-babalakin-bi-courtney-boss-charged-for-n2bn-ibori-money-laundering.html

Wetin we no go hear for this country

.Not surprised...












_{This post was brought to you by.. Savannah Bank PLC.. Laundering Nigerian Money since 1991}

no be to charge pesin to court be wahala na to sentence am were be wahala,

So money laundering is a criminal offence in Nigeria?
Hmmmmm!
Since when?

Any new cases since the UK helped Nigeria to 'pave' this particular saga?

Abi na only Ibori dey for Nigeria?

Btw. . .whatever happened to the 'HALIBURTON' thieves?

I'm sure these guys are expecting me to jump up and start dancing etighi simply because they've caught one thief and are still on it for years now. Is Ibori and co the only money launder in this country? For how many years now,its Ibori every year round. How about other people. Make i hear word joor ...

OK

just passing

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.

Na today yansh start to dey dey for back? The guy hasn't really started work on the contract for years and nothing was said until now. I bow for our ways sha!

obviously, this is really not the best of time for the Bi-Courtney boss
i pity the guy sha

God spare us from the so called Government.

TOO much wahala for this man.wen it rains,it pours.

Why is Nigeria government and her agencies messing themselves up with a story like this. I am just thinking aloud because nothing will come out of this. Its better they keep quiet.

Na God go Purnish EFCC, the Judges, Prosecutin council. Police and deffendant for Nigeria. This people keep taking Nigerians as foo*ls. You charge a man to court today on money launderying and corruption practices today and then drop the case tomorrow on the ground of some useless reasons like not having enough evidence.

Who are the idio**ts in Nigeria? The government or the people?

Minion: Your Painfulness! The EFCC has tracked another looter
Hades: Another maggot picked out of the bowl of soup.
Minion: Isnt that good for Nigerians?!
Hades: Good?! The soup is full of maggots! One less vermin makes no difference
Minion: My King! You speak wisely

emilyone: obviously, this is really not the best of time for the Bi-Courtney boss
i pity the guy sha

Why on earth 'll u pity a crook? abeg make the guy face the consequences of his deeds.

Lasinoh: So money laundering is a criminal offence in Nigeria?
Hmmmmm!
Since when?

Any new cases since the UK helped Nigeria to 'pave' this particular saga?

Abi na only Ibori dey for Nigeria?

Btw. . .whatever happened to the 'HALIBURTON' thieves?

Abeg hep me ask dem o . . . no be today money laundering start for Naija and no be today im go finish . . . msssccchhheeeeeeeeeeew!!!

He whom the gods want to kill, they first make mad..........................................

DJTee:

Abeg hep me ask dem o . . . no be today money laundering start for Naija and no be today im go finish . . . msssccchhheeeeeeeeeeew!!!

I don't understand it.
Is Dariye not still in that same Nigeria?
Nigerians launder money every day ke.
Why is this news?
WITCH-HUNTING don start!

I support the death penalty for corrupt officers, corrupt individuals and accomplices 100%.

Lethal Injection or Instantaneous combustion.

Noted...... next story

Money for the stadium, N2 billion, was released, but stadium was never built
got me laughing

PDP, a party of tragic and comedy.
If u can't beat dem,u join dem b4 dem open wetin we cook dat makes d house to get burnt.

Hehehehehehehehe,9ja govt will never cease to amaze me.So they just found out about d money laundering?This our polithiefsians sef,this is all hogwash,they just want to put d guy in a tight corner so that he wont raise his voice or make a case with d govt over d contract cancellation.This is just to scare him to shut up,and once he agrees,that will be d end of this case.We've seen all these tricks b4.God help us

Kai, who has babalakin offended, he had better go and beg.

This is certainly not the best of times for Mr Wale Babalakin. The most likely thing here is that he is threatening to take the government to court for cancelling the Lagos~ Ibadan road contract. This might be a way of scaring him to death.
I think he should settle with the government because I see this as GEJ's way of getting back at Obasanjo.Watching him respond to the Odi incident the way he did during the chat, its obvious he is no longer scared of Obasanjo. He seems to have lost all respect he has for Obasanjo.
Mr Babalakin should not allow himself to be used to show us who is in charge. He should beg them. This is the same advice I gave Mr Ifeanyi Uba of capital oil some weeks back.

He has fallen out of favour with his fellow crooks.

Who did he offend oh!

And It came to my mind how u can be up there one moment and d nxt u'r down.

Be careful what u do up there.

Mad Cow: .Not surprised





Ô



_{This post was brought to you by.. Savannah Bank PLC.. Laundering Nigerian Money since 1991}

You are a liar. Savannah bank has been laundering money before 1991

[color=#990000][/color]

lagcity:

You are a liar. Savannah bank has been laundering money before 1991

. You guys will not kill person with laughter