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Geo-Fluids Denies Link with Ibori, Babalakin

07 Dec 2012

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Dr. Wale Babalakin

Anayo Okolie


Geo-Fluids Limited, an oil servicing company, has denied any involvement whatsoever in the money laundering allegation preferred against the Chairman of Bi-Courtney Limited, Dr. Wale Babalakin.

Reacting to a news report which had alleged a link between the company and Babalakin, the Group Managing Director of the company, Dr. Ala Ibanibo, said in a statement that Geo-Fluids was never involved in the transfer of proceeds of financial crimes.

Explaining how the company’s name may have featured in the issue, Ibanibo said: “Sometime last year, we were invited by EFCC that there was a transaction link with James Ibori where the funds were traced to our company. We furnished EFCC with all documentation relating to the said transaction and explained clearly that we earn our US dollars income legitimately from our business and a Bureau de Change purchase the US dollars in exchange for naira, lodged into our account.

“We explained to EFCC that Geo-Fluids has no link of whatsoever with James Ibori, neither is any of the contract of the company linked to him. This was verified by EFCC and the Scotland Yard Police also interviewed our personnel and also found no link between James Ibori and Geo-Fluids Limited,” the statement added.

“We were shocked to read the publication linking Geo-Fluids Limited with Mr Babalakin or any of his companies. We are a company that has carried out her business with utmost integrity and transparency and have never engaged in money laundering as alleged,” Ibanibo noted.

Speaking on the business interest of Geo-Fluids, Ibanibo said the company is a “wholly indigenous oil servicing company that started in Port Harcourt and has grown to the present state.”

He claimed that the company now earns 60 per cent of her revenue in US dollars and the remaining 40 per cent in naira.

Tags: News, Nigeria, Featured, Geo-Fluids, Link, ibori

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