by Isi Esene

There are reports that the Economic and Financial Crimes Commission (EFCC) on Wednesday charged the chairman of Bi-Courtney Consortium, Wale Babalakin for money laundering.

Sources say the charges were filed earlier today at a Lagos Court in Ikeja.

The Federal Government had on Monday cancelled the contract awarded to his company for the reconstruction, maintenance and management of the Lagos-Ibadan expressway which has for long been in a deplorable state.

The FG is of the view that the Bi-Courtney Consortium has failed to show its capability to effectively execute the said contract.

Reports, however, indicate that the new charge against Mr. Babalakin is related to his involvement with James Ibori, the former Governor of Delta State, who is in jail in the UK for money laundering.

Babalakin is believed to have used one of his many companies to launder N2bn for the former governor.

Sources say the businessman had received money from the Delta State government for the construction of a stadium in Asaba, the state capital, without delivering on the contract.

The EFCC spokesperson, Wilson Uwujaren, could not be reached for confirmation as he did not return calls, while the spokesperson to Mr. Babalakin’s Bi-Courtney, Dipo Kehinde, said he was driving and could not talk on phone.