KanyiDaily recalls that Mompha and his firm, Ismalob Global Investment Limited, were both arraigned by the Economic and Financial Crimes Commission (EFCC) on eight charges bordering on alleged money laundering of over N6 billion.
The EFCC accused the defendants 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.
It was gathered that 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 his company, Islamob Limited (represented by Mompha) also pleaded “not guilty” to the first six counts.
Mompha Granted N200 Million Bail
After hearing submissions from both counsels on Tuesday, January 18, Justice Mojisola Dada granted Mompha N200m bail and ordered him to produce two sureties of which one must own a property valued at N100 million within the jurisdiction of the court.
Justice Dada said, “The applicant is granted bail in the sum of N200 million with two sureties in like sum. One of the sureties must have a property valued at N100 million within the jurisdiction of this honourable court.
“The applicant shall however be remanded in a Correctional Center of his choice pending the perfection of his bail,” she added.
The court also ordered Mompha’s remand in the custody of a Correctional Centre of his choice in Lagos pending perfection of his bail while his international passport already submitted, is to remain in the custody of the court’s registrar.
The Judge adjourned the case to March 28 for commencement of trial.
KanyiDaily had reported how Mompha was arrested on Monday shortly after he announced his trip to Nigeria with an Instagram photo captioned, ‘‘About to make some billions in Lagos’’.