EFCC Re-arraigns Mompha for Alleged N32.9bn Fraud

Ismaila Mustapha (aka Mompha)

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal office, on Wednesday, March 4, 2020, re-arraigned Ismaila Mustapha (aka Mompha), before Justice Mohammed Liman of a Federal High Court sitting in Ikoyi, Lagos, for alleged N32.9billion fraud.

Mompha was first arraigned alongside his company, Ismalob Ventures on November 25, 2019 on a 14-count charge bordering on fraud, money laundering and running a foreign exchange business without the authorisation of the Central Bank of Nigeria, CBN.

The defendant had pleaded “not guilty” to the charge and was granted bail in the sum of N100million with one surety in like sum.

The prosecution subsequently opened its case and presented witnesses from the CBN and the Special Control Unit against Money Laundering, SCUML.

The alleged offences according to prosecution are contrary to sections 15 (2) and 18 (3) of yhe money laundering prohibition Act, 2011, as amended.

Mompha had pleaded not guilty to the charge and he was admitted to bail with some terms.

The prosecution had called four witnesses who testified before the court.

At the resumed hearing of the matter today, EFCC through its lawyer, Rotimi Oyedepo, informed the court of his agency’s of the second amended charge and pleaded with the court to let the amended charge of 22 counts, be read to the defendant, Mompha, so that his plea can be retaken.

Following the reading of the 22 counts charge to the defendant, he pleaded not guilty.

Upon Mompha’s not guilty plea, his lawyer, Mr Gboyega Oyewole (SAN) who led Moyosore Ogunlewe, Ademola Adefolaju, Kolawole Salami and others, informed the court that the amended charge was served on him and the defendant few minutes before the court sitting.

Oyewole (SAN) thereore asked the court for a short date to enable the defence teams to study the additional counts of the charge. 

The prosecutor, Mr. Oyedepo did not oppose the adjournment sought for by yhe defence team. Consequently, with the agreement of parties, Justice Liman adjourned till March 18 and 20, for continuation of trial. 

In the new amended EFCC alleged that Mompha procured his company, Ismalob Global Investiment Limited to retain tje sum of N33.006,026,806 billion between 2015 and 2018.

He was also alleged to have failed to inform the anti-graft agency in writing within seven days before making various huge amounts of money to several people who includes Ikechukwu Kingsley; Ojei Osemeke; one Onuskain; Okafor Ikenna; Ik Tony Global Communication; Ogbu C &C Ventures.

He was also said to have engaged in foreign exchange transaction without complying with the requirements of submitting to the Federal Ministry of Industry, Trades and Investiment.

He was also alleged to have procured one Ahmed Sarki (now deceased) to make cash payment of €765, 657, 00 Euro in a commercial bank, to a company, Pitacalize Limited. 

The offences the antigarft agency are contrary to sections 18(c), 15(2)(d), 10, 5, 29(1)(c), 18(c) of the Money Laundering Prohibition Act 2011 and punishable under secions 15(3), 16(1)(f) of the same Act and Sections 29(2), 16(2) of the same Act.

The offence was also said to contravened section 39(2)(a) of the EFCC Act, 2004.