A Lagos High Court in Ikeja will today continue hearing in the suit filed by the Economic and Financial Crimes Commission(EFCC) against the chairman, Bi-Courtney Limited, Dr Wale Babalakin (SAN).

He is alleged to have been involved in the fraudulent transfer of N4.7 billion on behalf of convicted former governor of Delta State, Chief James Ibori.

The EFCC had on January 17 arraigned Babalakin alongside Alex Okoh, Stabilini Visioni Limited, Bi-Courtney Limited and Renix Nigeria Limited before Justice Adeniyi Onigbanjo to answer to the charges made against them.

The anti-graft agency had in a 27-count charge filed before the court alleged that the defendants fraudulently assisted former governor Ibori to transfer various sums, through various parties, to Erin Aviation account in Mauritius for the purchase of a Challenger Jet aircraft.

Babalakin and his co defendants are facing a 27-count charge bordering on conspiracy, retention of proceeds of a criminal conduct and corruptly conferring benefit on account of public action.

After the defendants had pleaded not guilty, the defence counsels moved their bail applications before the court.

Counsel to Babalakin, Olawale Akoni (SAN) while moving the application on behalf of his client prayed the court to grant him bail on self-recognition.

He said, "Babalakin is a Senior Advocate of Nigeria, a member of the body of benchers, pro chancellor of the University of Maiduguri, the chairman of the committee of pro-chancellors in Nigeria and the senior partner of one of the biggest law firms in the country.

"He will present himself for trial. He came by himself into the court this morning without coercion."

Counsel to Okoh, Tayo Oyetibo (SAN), also urged the court to grant his client bail on self-recognition as he had once headed a commercial bank in the country and had been ready for his arraignment each time it was scheduled.

Counsel to the EFCC, Rotimi Jacobs, (SAN), informed the judge that he would not be opposing the bail applications since the defendants had complied with the terms of the administrative bail granted to them by the anti-graft agency.

However, Jacobs maintained that while he was not opposing the bail in principle, the court should grant them bail on terms that would ensure they attend their trial.

The judge in two separate rulings admitted Babalakin and Okoh to bail on self recognition.

Justice Onigbanjo also ordered that the duo deposit their travelling documents with the EFCC.

The court ordered that the documents must not be released to them without express permission of the court.