Internet celebrity, Ismaila Mustapha, popularly known as Mompha has been remanded in prison custody shortly after the Economic and Financial Crimes Commission (EFCC) arraigned him on Monday.
EFCC arraigned Mompha before Justice Mohammed Liman of the Federal High Court in Lagos. He pleaded not guilty to charges against him and the court fixed November 29 for the hearing of his bail application.
Mompha has been charged on 14 counts bordering on fraud, money laundering and running a foreign exchange business without the authorization of the Central Bank of Nigeria.
The anti-graft agency alleged in the charge sheet signed by one of its counsels, Rotimi Oyedepo, that Mompha laundered the funds through a firm which was owned by the second defendant – Ismalob Global Investment Ltd – between 2015 and 2018.
It claimed that the funds, domiciled in a commercial bank, were moved in tranches of N18,059,353,413 and N14,946,773,393.
The EFCC also claimed that both defendants, not being a financial institution or an authorised foreign exchange dealer, negotiated a foreign exchange transaction in the sum of N9.416 million, N20 million, N10,437,400, N10 million, N2.46 million, N10 million, N100 million, N61 million, N100 million, N40.7 million, and N42 million.
The funds were domiciled in the defendants’ commercial bank account.
In one of the counts, the anti-graft agency alleged that Mompha, “Between 2015 and 2018… procured Ismalob Global Investment Ltd to retain the aggregate sum of N18,059,353,413 in its account No. 5260000846 domiciled in Fidelity Bank Plc which sum you reasonably ought to have known formed part of the proceeds of unlawful act to wit: fraud.”
The first defendant was also alleged to have between 2015 and 2017, aided the company “to retain the aggregate sum of N 14,946,773,393.00 in its account No. 5260000846 domiciled in Fidelity Bank Plc from Pitacalize Ltd.”
Both actions, according to the EFCC, offend Sections 18(3) and 15(2)(d) of the Money Laundering Prohibition Act.2011 (as amended) and are punishable under section 15 (3) of the same Act.
