Mr. Babalakin is being prosecuted by the Economic and Financial Crimes Commission for allegedly laundering of N4.7 billion belonging to convicted former Governor of Delta State, James Ibori of Delta State.
The EFCC on Thursday arraigned Babalakin, Chairman of Bi-Courtney Ltd before Justice Adeniyi Onigbanjo of the Lagos High Court sitting in Ikeja.
He was charged alongside Alex Okoh, Stabilini Visioni Ltd., Bi-Courtney Ltd. and Renix Nigeria Ltd. for fraudulently transferring N4.7 billion on behalf of convicted former governor of Delta State, James Ibori.
The EFCC alleged in a 27-count charge filed before the court that the defendants fraudulently assisted Ibori to transfer various sums, through various parties, to Erin Aviation account in Mauritius for the purchase of a Challenger Jet aircraft.
Babalakin and his co defendants are facing a 27-count charge bordering on conspiracy, retention of proceeds of a criminal conduct and corruptly conferring benefit on account of public action.
However, his attorneys argued for bail and he was granted bail on self recognition.
The case was later adjourned until February 25 2013.