Dubai-based billionaire, Ismailia Mustapha, aka Mompha, has been arraigned by the Economic and Financial Crimes Commission for allegedly laundering over N6bn.
Also arraigned was his firm, Ismalob Global Investment Limited, for the same offence.
The defendants were accused of conspiracy to launder funds obtained through unlawful activities; retention of such funds; transfer of funds for a suspect, Olayinka Jimoh, aka Nappy Boy; and unlawful transfer of funds for a record label, among others.
The EFCC said in a statement, “Ismaila Mustapha (aka Mompha) was arraigned this morning, January 12, 2022, for offences bordering on money laundering and use of property derived from an unlawful act.
“He was arraigned before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos.”
Mustapha was said to have pleaded not guilty to the eight counts preferred against him, while Islamob Global Investment Limited, represented by Mustapha, pleaded not guilty to the first six counts.
Until the fresh arraignment, Mustapha and his company had been standing trial on amended 22 counts bordering on cyber fraud and money laundering to the tune of N32.9bn brought against him by the EFCC.
The anti-graft agency said Mustapha was re-arrested for laundering funds obtained through unlawful activities and retention of alleged proceeds of crime.
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