EFCC Files N33bn Money Laundering Charge Against Mompha

The Economic and Financial Crimes Commission (EFCC) will on November 25 arraign alleged internet fraudster, Ismaila Mustapha, also known as Mompha before the Federal High Court in Lagos on a N33 billion money laundering charge.

Mompha will be docked before Justice Mohammad Liman on a 14-count charge bordering on the offences.

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.

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

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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.

Both actions offended 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.

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.

They did same with in the sums of N40,700.000.00 (Forty Million Seven Hundred Thousand Naira) and N42,100.000.00 (Forty Two Million, One Hundred Thousand Naira) with IK Tony Global Communications, according to the EFCC.