BREAKING: Court grants Mompha N200m bail

The Special Offences Court sitting in Ikeja, Lagos State, has granted popular Dubai-based billionaire, Ismaila Mustapha, well known as Mompha, a bail of N200 million with two sureties in the like sum.

Justice Mojisola Dada of the Special Offences Court, on Tuesday, granted the bail application filed by Mompha’s lawyer, Gboyega Oyewole, SAN.

In her ruling, Justice Dada ordered that one of the two sureties must own property valued at N100 million within the jurisdiction.

She further ordered that Mompha be remanded in the custody of a Correctional Centre of his choice in Lagos pending the perfection of his bail conditions, while his international passport already submitted should remain in custody of the court’s registrar.

It would be recalled that the popular internet celebrity and his firm, Ismalob Global Investment Limited were earlier arraigned last week by the Economic and Financial Crimes Commission (EFCC) for allegedly laundering over N6 billion.

Mompha and his firm were accused of conspiracy to launder funds obtained through unlawful activities; retention of such funds; transfer of funds for a suspect, Olayinka Jimoh, fondly called Nappy Boy; and unlawful transfer of funds for a record label, among others.

READ ALSO: EFCC arraigns internet celebrity, Mompha, over fresh N6bn fraud

The EFCC had also alleged that Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70 million.

He had pleaded not guilty to the eight counts preferred against him, while he pleaded not guilty to the first six counts preferred against his firm.

Mustapha, who was arrested by EFCC on January 10, 2022, and his company had been standing trial at the Federal High Court in Lagos on amended 22 counts bordering on cyber fraud and money laundering to the tune of N32.9 billion brought against him by the anti-graft agency.

TheStar