Browsing: Economic and Financial Crimes Commission

Babalakin was arraigned before Justice Adeniyi Onigbanjo of the Lagos High Court, Ikeja by the Economic and Financial Crimes Commission alongside Alex Okoh and three companies: Stabilini Vision Limited, Bi-Courtney Limited and Renix Nigeria Limited

Aminu, who faces a one count charge of money laundering, was arrested by EFCC December 12, 2012 at the Mallam Aminu Kano International Airport, Kano on his way to Egypt, for failure to declare the $50,000 he had on him to the Nigeria Customs Service as required under Section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act Cap F 34 Laws of the federation of Nigeria 2004 and Section 2(3) of the Money Laundering (Prohibition) Act, 2011 and thereby committed an offence punishable under Section 2(5) of the Money Laundering (Prohibition) Act, 2011

Babalakin, in an update on the statement by his media aide, Dipo Kehinde, said that contrary to the position of the EFCC that he was avoiding prosecution, which led to the EFCC declaring him wanted, he was set for his arraignment in connection with a case of criminal conspiracy and money laundering to the tune of N4.7 billion