EFCC Re-arraigns Mompha Over Alleged N33b Money Laundering Charge

The Economic and Financial Crimes Commission (EFCC) on Wednesday re-arraigned alleged internet fraudster, Ismaila Mustapha, also known as Mompha before the Federal High Court in Lagos for allegedly laundering N33 billion.

Mompha was first arraigned before the court by the EFCC on a 14-count charge of fraud, money laundering and running a foreign exchange business without the authorisation of the Central Bank of Nigeria.

He was arraigned alongside his firm, Ismalob Global Investment Limited and he was granted bail by the trial judge, Justice Mohammed Liman in the sum of N100million with one surety in like sum.

The anti-graft agency alleged in the charge signed by one of its counsel, Rotimi Oyedepo, that Mompha laundered the funds through a firm, Ismalob Global Investment Ltd, between 2015 and 2018.

Islamob Global Investments is the second defendant in the charge.
The EFCC claimed that the funds, domiciled in Fidelity Bank, were moved in tranches of N18,059,353,413 billion and N14,946,773,393.00 billion.

The commission further alleged that both defendants, not being a financial institution, or an authorized foreign exchange dealer, negotiated a foreign exchange transaction in the sum of N9.416million, N20 million, N10,437,400.00, N10miillion, N2.46million, N10miillion, N100million, N61million, N100million, N40.7million and N42million.

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The funds were domiciled in the defendants’ Fidelity Bank account.

The commission alleged that Mompha “between 2015 and 2018… procured Ismalob Global Investment Ltd to retain the aggregate sum of N18,059,353,413 in its account No. 5260000846 domiciled in Fidelity Bank Plc which sum you reasonably ought to have known formed part of the proceeds of unlawful act to wit: fraud.

Mompha, between 2015 and 2017, also allegedly aided the company “to retain the aggregate sum of N 14,946,773,393.00 in its account No. 5260000846 domiciled in Fidelity Bank Plc from Pitacalize Ltd.

The Sections 18(3) and 15(2)(d) of the Money Laundering Prohibition Act.2011 as amended and punishable under section 15 (3) of the same Act, the agency said.

He again pleaded not guilty to the amended charge.

After his plea, his, Gboyega Oyewole (SAN) urged Justice Liman to grant a short adjournment to enable him study the new charge.

Oyewole informed the court that he had only seen the new charge few minutes ago before the court commenced sitting and consequently, urged the court to allow him study same.

Following agreement of parties, the judge adjourned the case untill March 18 for continuation of trial.

So far in the trial, the commission had called witnesses from commercial banks, CBN as well as the Special Control Unit Against Money Laundering (SCUML),

The other charges read: “That you Ismaila Mustapha and lsrnalob Global Investments Limited, on or about the 17th day of December, 2015, not being an authorized seller appointed by the Central Bank of Nigeria pursuant, negotiated a foreign exchange transaction in the sum of N9,416.700.00
(Nine Million Four Hundred and Sixteen Thousand Seven Hundred Naira) with Mr. lkechukwu Kingsley Onuzulike.

“That you Ismaila Mustapha and lsmalob Global Investments Limited, on or about the 17th of December, 2015, not being an authorized seller appointed by the Central Bank of Nigeria pursuant to Section 5(1) of Foreign Exchange Monitoring and Miscellaneous (Provisions) Act CAP F34 LFN 2004 negotiated a foreign exchange transaction in the sum of N 20 million.

“That you Ismaila Mustapha and lsmalob Global Investments Limited, on or about the 21st December, 2015,  negotiated a foreign exchange transaction in the sum of N10,437,400.00 with Mr. lkechukwu Kingsley Onuzulike.

“That you Ismaila Mustapha and lsmalob Global Investments Limited, on or about the 23rd day of December, 2015, not being an authorized seller appointed by the Central Bank of Nigeria, negotiated a foreign exchange transaction in the sum of N10,000,000.00 with Mr. lkechukwu Kingsley Onuzulike.”
The defendants also “on or about the 4th day of January, 2016, without authorisation, negotiated a foreign exchange transaction in the sum of N2,463,800.00.

They also allegedly negotiated a foreign exchange transaction in the sum of N10,000,000.00, with Mr. Ojei Osemeke contrary to the law.

In another instance, they were said to have negotiated a foreign exchange transaction in the sum of N100,000,000.00 (One Hundred Million Naira) and N61,080,000.00 (Sixty One Million, Eighty Thousand Naira) with Mr. Okafor lkenna contrary to the law.