Babalakin was arrested shortly after he left the Lagos University Teaching Hospital (LUTH) where he had sought refuge for alleged illness.
He is currently detained at the Ikoyi offices of the EFCC where sources said he might be granted another “administrative bail” pending his arraignment before a Lagos judge on January 17 2013.
The Bi-Courtney boss had on Friday, lost bid to stop the commission from prosecuting him for allegedly laundering about N4.7bn on behalf of the convicted former governor of Delta State, James Ibori, in 2006.
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