Money Laundering : Mompha Released on Bail After 10 Weeks in EFCC Custody

Popular socialite, Ismaila Mustapha popularly known as Mompha has been released on bail after 10 weeks in EFCC custody. Mompha and his company, Ismalob Global Investment Limited, appeared before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Monday.

Mompha was arraigned on January 12 on eight counts bordering on conspiracy to launder funds obtained through unlawful activity, retention of proceeds of criminal conduct, failure to disclose assets and property, possession of documents containing false pretence and use of property derived from unlawful act.

In one of the counts, EFCC said in 2016, Mompha, Ahmadu Mohammed (at large) and Ismalob Global conspired to conduct financial transactions to the tune of N5,998,884,653 by false pretence.

The defendant pleaded “not guilty” to the charges following which his counsel, Gboyega Oyewole (SAN) applied for bail.

Oyewole prayed the court to grant Mompha bail on “liberal terms”, noting that the defendant was also standing trial on 22 counts before a Federal High Court in Ikoyi where he was also admitted to bail.

But the prosecution counsel, Rotimi Oyedepo, opposed the application.

Justice Dada granted bail to Mompha in the sum of N25million, with two sureties, one of whom must own a property worth N50million.