Multi-billionaire businessman, Wale Babalakin has been arrested and detained by Nigeria’s anti-graft police, the EFCC for allegedly laundering over N1.6 billion, funds stolen by former governor of Delta state, James Ibori who is presently facing corruption charges in a London court.

A dependable source in the EFCC told ireports-ng.com that Babalakin was arrested in Lagos on Saturday and detained at the agency’s facility located off Awolowo road, Ikoyi, Lagos where he was interrogated till the following day, Sunday. A source in the team of operatives that quizzed Babalakin said the lawyer turned businessman was interrogated for allegedly providing his company bank accounts through which Ibori transferred over N1.6 billion to offshore accounts.

The funds were said to have been moved from Delta state government accounts through companies owned by Babalakin under the guise of purchasing a jet which was never bought. The senior lawyer turned businessman is the Chairman of Bi-Courteny Aviation which owns the terminal two of the Lagos airport, Ikeja.

The latest information linking Babalakin to funds stolen by Ibori was said to have been provided by the Met Police in London which wants more evidence to prosecute Ibori over money laundering charges in a Southwark court. Ibori’s wife,Nkoyo; his sister,Christie; his mistress, Udoamaka and lawyer have already been convicted and serving various jail terms in the UK.

Though Babalakin has been granted administrative bail on Sunday, there are indications that he may be invited for further questioning if the Met Police that needs his statement is not satisfied with the information already obtained from him.