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Crime & Public Services1

Popular Money Launderer Mompha Remanded in Prison Custody

Suspected internet fraudsterm Ismaila Mustapha, popularly known as Mompha, has been ordered to be remanded in prison custody by The Federal High Court in Lagos.

On Monday, shortly after Mompha was arraigned before Justice Mohammed Liman the order was given on the urging of the prosecutor. Mompha is charged with 14 counts bordering on fraud, money laundering and running a foreign exchange business without the approval of the Central Bank of Nigeria.

In regard to these charges, the Economic and Financial Crimes Commission alleged that Mompha procured one Ismalob Global Investment Limited and retained in its bank account an aggregate of N32.9bn between 2015 and 2018.

The EFCC said Mompha “ought to have reasonably known that the money formed part of proceeds of unlawful act, to wit: fraud.”

The prosecuting counsel for the EFCC, Rotimi Oyedepo, said Mompha acted contrary to Sections 5 and 29(1)(c) of the Foreign Exchange Monitoring and Miscellaneous (Provision) Act Cap F34 Laws of the Federation of Nigeria 2004 and he was liable to be punished under Section 29(2) of the same Act.

When the charges were read to him, Mompha pleaded not guilty.

The defence counsel, Mr Gboyega Oyewole (SAN), said he was not opposed to the application for the trial date but said he had already filed a bail application for his client and served same on the prosecution.

The prosecution confirmed that it had been served with the bail application but said it required time to read and respond to it.

Justice Liman adjourned till Friday to take arguments on the bail application and for trial to commence.

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