He was convicted and sentenced to two years imprisonment by Justice Muhammed Sani of the Federal High Court, Ilorin.
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The convict is to forfeit a duplex, situated in Lekki, Eti-Osa Local Government Area of Lagos, worth over N60 million.
Babalola, 51, was arraigned on a two-count charge before Justice Muhammed Sani of the Federal High Court sitting in Ilorin.
Muhammed Sani, Secretary-General, Nigeria Aquatics Federation, says the country is set to pick the overall prize in swimming at the 2018 Africa Youth Games in Algeria due to the quality of athletes preparing.