Mompha’s ‘N33bn laundering’ trial resumes January 15th
Entertainment - • By Oluwatobiloba Emmanuel
A Federal High Court in Lagos today fixed January 15, 2020 as the resumption date for the alleged N33bn money laundering trial of Instagram Big boy, Ismaila Mustapha aka Mompha.
Recall that Mompha was arraigned by the EFCC on November 25, 2019, following his arrest on October 19 at the Nnamdi Azikiwe International Airport, Abuja.
The High Commission alleged that Mompha used Ismalob Global Investment, owned by him, to retain the aggregate sum of N18.05billion between 2015 and 2019. He was also alleged to have aided his company to retain N14.9 billion between 2015 and 2017, while not complying with the Central Bank of Nigeria (CBN) and Federal Ministry of Trades and Investment financial transactions requirement.
The EFCC also accused Mompha and his firm of unlawfully negotiating a Foreign Exchange transaction with total sum of N630, 125, 900 million, for some individuals. According to the EFCC, the offences contravened Sections 18(c) and 15(2)(d) of the Money Laundering Prohibition Act, 2011 and punishable under Section 15 (3) of the same Act.
Mompha was granted bail by the court on November 29th and after fulfilling his bail condition, he was released on Decembe 9th.