The Economic and Financial Crimes Commission (EFCC) has arraigned Ismaila Mustapha, popularly known as Mompha, and his firm, Ismalob Global Investment Limited.
They both arraigned before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos on 8 charges bordering on alleged money laundering of over 6billion naira
EFCC Arraigns Mompha On Fresh Allegations
The offence is contrary to relevant sections of the Advance Fee Fraud Act of 2006 and the EFCC Act of 2004.
In the counts, 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 popularly known as 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 70 million naira.
Mompha pleaded not guilty to the charges on behalf of his company, Islamob Limited.
Justice Dada has ordered his remand in the custody of the EFCC till January 18th when his bail application will be heard.
This is the second case in which the EFCC is charging Mompha. He is standing trial for the first at the Federal High Court, Lagos on an amended 22-count bordering on cyberfraud and money laundering to the tune of 32.9bn naira.
He was re-arrested by operatives of the EFCC on January 10, for laundering funds obtained through unlawful activities and retention of alleged proceeds of crime.