Mompha Regains Freedom After Court Slashed His Bail Sum From N200m To N25m

Nigerian socialite, Ismailia Mustapha, popularly known as Mompha, has regained his freedom pending the conclusion of his money laundering trial at a Special Offences Court, sitting in Ikeja.

Mompha Released From Prison

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.

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.

But The defendant had remained in custody for failure to perfect his bail conditions.

During his trial on Monday, March 28, his counsel, Gboyega Oyewole, SAN, applied for variation of his bail conditions, and informed the court that the defendant has already submitted his international passport to the court registrar.

He premised his request on the fact that the defendant was also standing trial at the Federal High Court and “he never missed court for one day.“

EFCC’s counsel, Rotimi Oyedepo, who acknowledged receipt of the defence’ application, left the decision to the discretion of the Court.

Justice Dada granted bail to Mompha in the sum of N25 million with two sureties in like sum, one of whom must own a property worth N50 million within the jurisdiction of the Court.

The case has been adjourned till April 6, 2022 for further hearing.

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’’.