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The Economic and Financial Crimes Commission (EFCC) on Wednesday, re-arraigned social media celebrity, Ismaila Mustapha, alias Mompha, in a Federal High Court Lagos, for alleged N32.9billion fraud.
Mompha was first arraigned by the commission on 14 counts bordering on fraud, money laundering and running a foreign exchange business without the authorization of the Central Bank of Nigeria. He was arraigned alongside his firm, Ismalob Global Investment Ltd.
The EFCC
Counsel, Mr. Rotimi Oyedepo, informed the court of a second amended charge
against the defendant and urged the court to allow a fresh plea by the
defendant. The amended 22 count charges were read over to the defendant and he
pleaded not guilty. After his plea, defense counsel Mr. Gboyega Oyewole, SAN,
urged the court to grant a short adjournment to enable him to study the new
charge. He told the court that he had only seen the new charge a few minutes
ago before the court commenced sitting and consequently, urged the court to
allow him to study same. Justice Mohammed Liman ordered that the defendant’s
bail of N100 million continues. Following the agreement of parties, the court adjourned
the case until March 18 for the continuation of the trial. So far in the trial,
the commission had called witnesses from commercial banks, CBN as well as the
Special Control Unit Against Money Laundering (SCUML), In the charge, EFCC
accused the defendant of procuring Ismalob Global Investment Ltd and retaining
in its account, an aggregate sum of N32.9billion between 2015 and 2018.
The Prosecution alleged that Mompha laundered the sum through Ismalob Global
Investment Ltd. Both defendants were alleged to have negotiated foreign
exchange transactions in various sums like N9.4million, N20 million, N10.4
million, N2.4million, N100million, N61million, N40.7million, N42million among
others. Mompha was alleged to have aided the Ismalob to retain an aggregate sum
of N 14billion in its account, which was procured from Pitacalize Ltd. He said
the offenses contravened the provisions of Sections 15(2) and 18(3) of the
Money Laundering Prohibition Act.2011 as amended, as reported by NAN.
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