Also, Uyiekpen Osagie-Giwa, said to be Atiku’s lawyer, was separately arraigned for allegedly laundering $2m, in connection with the polls.
Both Babalele and Osagie-Giwa were arraigned before the Federal High Court in Lagos on Wednesday.
They pleaded not guilty to the charges.
Justice Nicholas Oweibo adjourned till Thursday to take their bail applications.
The judge ordered that they be returned to the EFCC custody.
Atiku contested against President Muhammadu Buhari on the platform of the Peoples Democratic Party.