The Economic and Financial Crimes Commission, EFCC, on Monday arraigned Ismaila Mustapha, popularly known as Mompha, alongside his company, Ismalob Global Investments Limited, before Justice Muhammad Liman of the Federal High Court in Ikoyi, Lagos. Mustapha was arraigned on a 14-count charge bordering on cyber fraud and money laundering to the tune of N33 billion (Thirty-three billion Naira).
The defendant, who the anti graft body said is a major figure in an organised transnational cyber fraud network, allegedly used his company, Ismalob Investment Limited, to launder the funds, part of which he used in acquiring property in Dubai.
He pleaded not guilty when the charges were read to him on Monday.
In one of the charges, EFCC alleged that between 2015 and 2018, Mustapha procured Ismalob Investment Limited to retain the aggregate sum of N18,059,353,413 (Eighteen billion, fifty-nine million, three hundred and fifty three thousand, four hundred and thirteen naira) in its account No. 5260000846 domiciled in a new generation bank.
In another charge, the defendant, between 2015 and 2017, allegedly used his company (Ismalob Global Investment Limited) to retain in the same account, the aggregate sum of N14,946,773,393.00 (Fourteen billion, nine hundred and forty-six million, seven hundred and seventy three thousand, three hundred and ninety three naira) received from Pitacalize Ltd.
The EFCC said the retention of the sums of money which are reasonably suspected to be proceeds of unlawful act, is contrary to Sections 18(c) and 15(2)(d) of the Money Laundering Prohibition Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.
Following Mustapha's plea, the prosecuting counsel asked the court for a trial date and an order to remand the defendant in a correctional centre, pending the determination of the case.
However, the defence counsel, Gboyega Oyewole, SAN, informed the court that an application for bail has been filed and served on the prosecution which the prosecution confirmed but pleaded with the court for time to review the application and respond.
Justice Liman, after listening to both parties, adjourned the case till November 29, 2019, for hearing of bail application and commencement of trial.
He then ordered that the defendant be remanded in the Nigerian Correctional Service custody.
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