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Court grants Mompha N200m bail over money laundering charges

By News Desk

An Ikeja Special Offences Court sitting in Lagos State has granted N200 million bail to Ismaila Mustapha, popularly known as Mompha, with two sureties in the like sum.

The bail followed the Dubai-based internet celebrity application for bail filed through his lawyer, Gboyega Oyewole (SAN).

Granting the bail on Tuesday, the presiding judge, Justice Mojisola Dada ordered that one of two sureties must own property valued at N100million within the jurisdiction.

The court also ordered his remand in the custody of a Correctional Centre of his choice in Lagos pending perfection of his bail conditions while his international passport already submitted is to remain in custody of the court’s registrar.

It would be recalled that the Economic and Financial Crimes Commission (EFCC) arraigned Mompha and his company, Ismalob Global Investment Limited before on charges bordering on conspiracy and money laundering.

He was arraigned for laundering funds obtained through unlawful activities, retention of proceeds of criminal conduct, failed to disclose assets and property, possession of documents containing false pretense and use of property derived from an unlawful act as disclosed by the agency.

Before his arraignment, The Guild had earlier reported that EFCC re-arrested and detained Dubai-based businessman for allegedly laundering N32.9 billion. EFCC said that the businessman was re-arrested for obtaining the funds through unlawful activities and retention of alleged proceeds of crime during his businesses.

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