A Federal High Court in Lagos will resume the trial of Ismaila Mustapha a.k.a Mompha on the 15th of January, 2020 over alleged N33billion fraud.
Mompha was arrested by EFCC operatives at the Nnamdi Azikiwe Airport Abuja on October 19th and was arraigned before the court on November 25th on a 14 count charge bordering on Money Laundering and suspected internet fraud.
He was arraigned alongside his company, Ismalob Global Investment.
The EFCC 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 a total sum of N630, 125, 900 million, for some individuals. According to the EFCC, the offenses 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, however, granted bail by the court on November 29th, 2019 and after fulfilling his bail condition, he was released on December 9th, 2019.
