A federal high court judge today tossed the application filed by embattled businessman, Wale Babalakin, seeking to restrain the Economic and and Financial Commission from arresting and prosecuting him for money laundering.

Justice Ibrahim Buba who was once pilloried for granting a permanent injunction that prevented the Economic and Financial Commission (EFCC) from prosecuting former governor of Rivers state, Peter Odili, today said his court could not stop the EFCC from arresting Babalakin to face crimes of money laundering.

This is Babalakin's second attempt by the businessman to use the courts to scuttle his arrest and prosecution by the EFCC. He remains holed up inside the Lagos University Teaching Hospital in Lagos under the pretense that he is currently receiving medical treatment for an undisclosed medical condition.

In his ruling today, Justice Buba stated  ”nobody is above the law, no matter the person’s position or status”. The judge subsequently dismissed the application for lacking merit.

Mr. Babalakin and Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited have been ordered to appear before a  Lagos High Court in Ikeja on January 17, 2013 for formal arraignment  on a 27-count charge of  money laundering.

The EFCC alleges that Babalakin and his cohorts transferred various sums of money on behalf of jailed former governor of Delta State, Chief James Ibori, through third parties to some foreign accounts under the guise of purchasing a Bombardier Challenger jet from Canada.

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