He was appointed the Minister of Power in 2008 after a cabinet shuffle by the late President Umaru Yar’Adua. He left office in March 2010, when the then acting President Goodluck Jonathan, dissolved the cabinet. Babalola has gone low profile since then.
A widower, he was married to Bimbo, who was one of the victims of the ill-fated Bellview plane crash in 2005. The duo met and married in 2001 at a state-of-the-art nuptial ceremony in England and was blessed with two kids prior to her passage at the age of 33. She was the eldest child of socialite, Lanre Ojora.