The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned a businessman, Sarumi Babafemi, before the Ikeja Special Offences Court over an alleged N206 million fraud.
Babafemi, described as an associate of social media personality Ismail Mustapha, popularly known as Mompha, was charged alongside three companies — 606 Autos Ltd, 606 Music Ltd and Splash Off Entertainment Ltd.
The defendants are facing a five-count charge bordering on conspiracy, concealment and transfer of proceeds of crime amounting to N206 million.
According to the EFCC, Babafemi, who is the Managing Director of the companies, allegedly conspired with Mompha and two other individuals, Ridwan Allison and Richard Ugbah, who are currently at large, to conceal the source of illicit funds and transfer the proceeds of unlawful activities.
The anti-graft agency alleged that between 2013 and 2018, the defendant used his Lagos-based companies to disguise the origin of the funds. It further alleged that he transferred N37.6 million to one Omojadesola Allison, knowing the money was part of proceeds from criminal activities.
The EFCC said the alleged offences contravene Sections 332(1) and 323(2) of the Criminal Law of Lagos State, 2011.
At the hearing, the prosecution counsel, Ayanfe Ogunsina, asked the court to set a trial date and requested that the defendant be remanded in a correctional facility.
However, defence counsel, Kunle Adegoke, SAN, told the court that he had only been served with the charge a day earlier and had worked overnight to file a bail application. He appealed to the court to release Babafemi to him, assuring that he would be produced in court on the next adjourned date.
Justice Rahman Oshodi granted the application and ordered that the defendant be released to his counsel upon the filing of an affidavit of undertaking to produce him in court at the next sitting.
The case was adjourned until March 24 for the commencement of trial.
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