Dubai-based Internet celebrity Ismailia Mustapha granted bail in N6bn money laundering case

DUBAI-based based Internet celebrity Ismailia Mustapha popularly known as Mompha has been granted bail by the Ikeja Special Offences Court in Lagos State where he is currently facing trial for money laundering charges.

Mompha, was arrested and arraigned by the Economic and Financial Crimes Commission (EFCC), charged with eight counts of money laundering to the tune of over N6bn ($14.5m). These

counts include conspiracy to launder funds obtained through unlawful activity, the retention of such funds, the transfer of funds for a suspect known as Olayinka Jimoh and the unlawful transfer of funds for a record label.

Also, in addition, the EFCC also charged Mompha's firm, Ismalob Global Investment with alleged money laundering. Sums named in the charge are N5,998,884.653.18, N32m, N120m and N15,960,000, adding up to N6bn. Furthermore, the EFCC also alleged that Mompha concealed his interest in expensive wristwatches and an iPhone valued at over N70m.

In court today, Mompha pleaded not guilty to the eight counts while his company, pleaded not guilty to the first six counts. After hearing his please for bail, Justice Mojisola Dada Mompha bail to the tune of N200m with two sureties in the like sum.

Justice Dada ordered that one of two sureties must own property valued at N100m. Also, the court ordered Mompha's remand 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 is to remain in custody of the court’s registrar.