Babalakin acquitted of N4.7 billion fraud charge

A Lagos High Court sitting in Ikeja has discharged and acquitted Wale Babalakin, a Senior Advocate of Nigeria, over a N4.7 billion fraud suit instituted by the Economic and Financial Crimes Commission.
The EFCC had charged Mr. Babalakin, Alex Okoh, and their companies on a 27-count charge of fraud, conspiracy, and retention of proceeds of criminal conduct.
Delivering his ruling, Justice Lateef Lawal-Akapo said the EFCC failed to disclose enough information to sustain the allegations against the defendants.
“The amended information filed May 7, 2013, is incurably bad and ineffective,” the judge held.