The EFCC arraigned the auto dealer on Friday, November 1, 2019, on five counts before the Federal High Court in Lagos.
The anti-graft agency accused him of laundering a total of N207.1m between 2013 and 2018.
According to Punch, Babafemi was accused of transferring N37.6m to one Omojadesola Allison; N93m to one Olanrewaju Oriyomi; N1.5m to one Abiola Ayorinde, alias ABK; N25m to one Bartholomew Ezeudoka; and N50m to one Amobi Uchenna.
The EFCC said Babafemi should “have reasonably known that such funds form part of an unlawful act, to wit: obtaining money by false pretence.”
The prosecuting counsel for the EFCC, Mr A.B.C. Ozioko added that the suspect acted contrary to Section 15(2)(b) of the Money Laundering (Prohibition) Act 2011 (as amended) and were liable to be punished under Section 15(3) of the same Act.
However, the auto dealer pleaded not guilty to the charges against him.
Dr Muiz Banire (SAN), the Defence Counsel, therefore, urged the court to grant bail to his client in liberal terms, saying he had filed an application for the suspect’s bail and served it on the prosecution.
But the Prosecuting Counsel urged Justice Chukwujeku Aneke to decline the bail application based on the defendant’s antecedents, Punch reports.
Ozioko told the court that the charges against Babafemi were informed by intelligence from the American Federal Bureau of Intelligence, adding that the defendant has another charge against him pending before another court.
Justice Aneke ordered that the defendant be remanded in prison and also adjourned the case till November 4, 2019, to rule on the bail application.