Tayo Babalakin’s Financial Mess
Tayo Babalakin, younger brother of billionaire businessman and head honcho of Bi-Courtney, Wale Babalakin, is in a serious mess at the moment.
No wonder, Babalakin, Managing Partner, Consultants Collaborative Partnership, is fighting tooth and nail to escape the full wrath of law.
Society Watch gathered that Babalakin, who is also a member of Ikoyi Club 1938, has been dragged before Justice Saliu Seidu of the Federal High Court in Lagos by Ikoyi Club for financial misappropriation.
Babalakin, also a top member of Golf section of the Ikoyi Club, was sued alongside eight others for violating the financial rules of the club with intent to defraud.
Problem started after Babalakin and other members of the Golf section, contrary to the club’s rule, allegedly drew funds from the sponsorship account of the Golf Section to cover expenses of the Golf captains and the competition secretaries when they attended Inter-Club Match Play Tournaments, which violated the rules of Ikoyi club- they should have funded or sponsored the trips on their own.
Consequently, they were asked to refund the money when an investigative panel was set up.
The panel was said to have detailed serious, persistent and gross behaviour and flouting of the club’s rules against them.
They are charged with the mismanagement of a sum of N56, 503, 565.00 and abuse of office in the Golf Section from February 2010 to February 2015.
The matter has been adjourned to 22nd March, 2019.