EFCC tells court how Mompha hid wealth in wristwatches
The Economic and Financial Crimes Commission, EFCC, on Wednesday told the Lagos Special Offences Court in Ikeja, how Ismaila Mustapha, known popularly as Mompha, concealed his wealth in wristwatches.
This came as the anti-graph agency arraigned the suspected internet fraudster and his firm, Ismalob Global Investment Limited before the court for alleged money laundering to the tune of over N6 billion.
According to the EFCC, the defendants conspired 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 commission said, “The sums named in the charge are N5,998,884.653.18, N32 million, N120 million and N15,960,000, totalling over N6billion.”
It added that “Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70 million.”
Mompha pleaded ‘Not guilty’ to the eight counts while Islamob Limited (represented also by Mompha) pleaded ‘not guilty’ to the first six counts.
After his plea, prosecuting counsel, Mr. Rotimi Oyedepo requested for a trial date.
The defendant counsel, Gboyega Oyewole, SAN, however, informed the court that they have filed a bail application and same has been served on the EFCC.
Responding to the bail application, Mr. Oyedepo asked for time to file a response.
After entertaining submission of counsel’s, Justice Dada adjourned till January 18 to hear and rule on the bail application.
The judge, meanwhile, remanded Mompha in custody of the EFCC, pending the hearing of his bail application in the N6 billion fraud charge filed against him.