A Lagos High Court sitting in Ikeja has on Monday, February 23, 2015 cleared the Chairman of Bi-Courtney Limited, Wale Babalakin, of N4.7 Billion fraud charges previously brought against him.
The charges against Babalakin, who allegedly defrauded the whooping sum was finally squashed by Justice Lateef Lawal-Akapo due to lack of competence on the part of the prosecuting counsel according to Th Sun.
The anti-graft commission, Economic and Financial Crimes Commission (EFCC) had initially arraigned Babalanki and three other defendants on a 27-count charge bordering on conspiracy, retention of proceeds of criminal conduct and corruptly conferring benefit on account of public action.
The Bi-courtney boss was also accused of assisting imprisoned Ex-Governor of Delta State, James Ibori, to embezzle public funds during his tenure.
By implication of the proceedings, the defendants of Alex Okoh, Stabilini Vision Limited, Bi-Courtney Limited and Renix Nigeria Limited were finally discharged.
