by Akan Ido

The Economic and Financial Crimes Commission has denied arresting businessman and chairman of Bi-Courtney Group, Wale Babalakin who is currently on admission at the Lagos State University Teaching Hospital, Idi Araba, Lagos.

Speculations have been rife that the businessman, who is wanted by the EFCC over allegations of money laundering, has been arrested on his hospital bed by operatives of the commission.

An EFCC source, however, denied the rumour saying, “I can tell you authoritatively that we are yet to arrest Babalakin. The whole noise is nothing but propaganda as there is no way one can arrest someone on a sick bed. As I am talking to you, Babalakin is still on admission at LUTH. We are a civilised anti-graft agency and we will not do anything outside the law.

“The commission is not harassing him as it was published in certain newspapers yesterday. What we are trying to do is to place him (Babalakin) on surveillance and ensure that he is available in court to take his plea over a 27-count charge of money laundering at the next adjourned date.”

The source reportedly said the commission would act within the law setting it up over the handling of suspects allegedly involved in financial crimes.

Dipo Kehinde, spokesman of the Bi-Courtney Group said Babalakin is still in the hospital receiving treatment maintaining that his boss has nothing to hide.

According to him: “My boss is still recuperating at LUTH. He has nothing to hide and will appear in court to defend himself when he is fit.”

The EFCC is prosecuting Babalakin and four others on a 27-count charge of alleged money laundering of about N3.5billion through a third party for ex-Delta State Governor, James Ibori.