The Economic and Financial Crimes Commission (EFCC) is currently investigating Alhaji Babalele Abdullahi, a son-in-law of former Vice President Atiku Abubakar over alleged case of money laundering of about €150 million.
Babalele is in EFCC’s custody with his alleged accomplice, Mr. Uyi Giwa-Osagie, who had earlier been arrested by detectives.
About €67, 950,000 of the suspected 150m Euro has been traced to the accounts of Osagie, Babalele, two slush firms and two Bureau de Change operators.
Of the € 67.9m, Uyi’s account received €26,050,00million between January 9 and 28. Babalele is expected to account for €41,900,000.
Detectives believe, going by their findings, that the €150million was allegedly laundered for the general elections.
Both Uyi and Babalele, who is the Group Finance Director of Atiku’s companies, were still in custody as at press time yesterday, pending the conclusion of the investigation.
The EFCC intercepted a $1.6m transaction on February 11 at a Bureau de Change on Lagos Island.
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