Money Laundering: Mompha Concealed Wealth in Wristwatches – EFCC
The Economic and Financial Crimes Commission, EFCC, has said that Ismaila Mustapha, also known as Mompha, hid his wealth in wristwatches.
The anti-graph agency said this at Lagos Special Offences Court in Ikeja, on Wednesday.
EFCC had arraigned the internet celebrity and his firm, Ismalob Global Investment Limited for alleged money laundering to the tune of over N6 billion.
The court later remanded Mompha in custody of the Commission, pending the hearing of his bail application in the N6billion fraud charge filed against him.
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.
According to EFCC, “The sums named in the charge are N5,998,884.653.18, N32million, N120million and N15,960,000, totalling over N6billion.”
The EFCC also alleged that “Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70million.”
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.