The Economic and Financial Crimes Commission, EFCC, has alleged that celebrity businessman, Ismaila Mustapha, aka Mompha, hid N70m, described as proceeds of money laundering, in wristwatches.
It said this when it arraigned Mompha at the Lagos Special Offences Court in Ikeja on Wednesday, January 12.
According to the commission, Mompha’s company, Ismalob Global Investment Limited, allegedly laundered over N6 billion.
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.
“Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70million,” it said.
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 the same has been served on the EFCC. Responding to the bail application, Mr. Oyedepo asked for time to file a response.
After entertaining the submission of counsel, the presiding judge, Justice Dada, adjourned the matter till January 18 to hear and rule on the bail application. The judge also ordered that Mompha be remanded in EFCC custody until his bail application is heard.
