Court Remands Mompha In EFCC Custody Over N6 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned Dubai-based internet celebrity, Ismaila Mustapha, aka Mompha, and his firm, Ismalob Global Investment Limited, for allegedly laundering over N6 billion.

The sums named in the charge are N5,998,884.653.18, N32million, N120million and N15,960,000, totaling over N6 billion.

The defendants were accused of conspiracy to launder funds obtained through unlawful activity, retention of such funds, transfer of funds for a suspect Olayinka Jimoh a.k.a Nappy Boy, and unlawful transfer of funds for a record label, among others.

The EFCC also alleged that Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70 million.

However, Mompha pleaded “not guilty” to the eight counts while Islamob Limited (represented by Mompha) pleaded “not guilty” to the first six counts.

Mompha is also standing trial at the Federal High Court in Lagos alongside Ismalob Global Investment Limited on an amended 22-count charge bordering on cyber fraud and money laundering to the tune of N32.9 billion brought against him by the EFCC.

He also pleaded not guilty to each of the counts.

After the arraignment, Dada adjourned to January 18, 2022, to hear arguments on the bail applications of the defendants.