Local News

Mompha’s Bail Conditions Reduced From N200m after 10 weeks in EFCC custody

Ismail Mustapha popularly known as Mompha and his company, Ismalob Global Investment Limited, appeared before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Monday.

Mompha, who is finally free on bail, had been in the custody of the Economic and Financial Crimes Commission (EFCC) since January 18.

He was arraigned on January 12 on eight counts bordering on conspiracy to launder funds obtained through unlawful activity, retention of proceeds of criminal conduct.

Others were laundering of funds obtained through unlawful activity, 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.

Court grants Mompha N200 million bail

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

An Ikeja Special Offences Court has cut the bail conditions of internet fraud suspect Ismail Mustapha from N200 million to N25 million.

Justice Mojisola Dada made the downward review at resumed proceedings yesterday.

Justice Dada also ordered that one of the two sureties must have landed property valued at N50 million in the state and must be produced by his lawyer.

Justice Dada adjourned the matter till April 6, 2022 for continuation of trial.

Mustapha was arrested on January 10, 2022 by the Economic and Financial Crimes Commission (EFCC).

He was charged with conspiracy and money laundering to the tune of over N6 billion, along with his company, Ismalob Global Investment Limited.

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