Wale Babalakin’s Headache

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The rich also cry! This popular saying aptly captures the current experience of Dr. Olawale Babalakin, SAN.

The reason for his seeming headache is not unconnected with a 2014 court order stopping him from withdrawing money from his five companies’ accounts: Bi-Courtney Limited, Chartered Investment Limited, Resort International Limited and Roygate Properties Limited.

It all started when Justice Okon Abang granted an ex-parte order freezing his companies’ bank accounts, following a suit with number FHC/L/CS/1361/2014 brought to the court by Assets Management Corporation of Nigeria (AMCON) over a N54 billion debt.

Besides, Babalakin’s effort to vacate the order also failed, as the trial judge, Justice Muhammed Idris of the Federal High Court, Lagos dismissed his case for lack of merit.