The Chairman of Bi-Courtney Limited, Wale Babalakin, has been cleared of fraud charges by a Lagos High Court.
Babalakin, who was alleged to have committed fraud to the tune of N4.7 billion,
was discharged on Monday, February 23.
The case against Babalakin and co-defendants, Alex Okoh, Stabilini Vision Limited, Bi-Courtney Limited and Renix Nigeria Limited, was dismissed by Justice Lateef Lawal-Akapo for want of competence.
The defendants had been apprehended by the Economic and Financial Crimes Commission(EFCC) on a 27-count charge bordering on conspiracy, retention of proceeds of criminal conduct and corruptly conferring benefit on account of public action.
Babalakin had also been accused of assisting imprisoned Ex-Governor of Delta State, James Ibori, to embezzle public funds.
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