Home NEWSBREAKING NEWS Alleged N32.9bn Fraud: Court Remands Mompha in Custody

Alleged N32.9bn Fraud: Court Remands Mompha in Custody

by Happynaija
Alleged N32.9bn fraud: Court Remands Mompha in Custody

Alleged N32.9bn Fraud: Court Remands Mompha in Custody

The Federal High Court in Lagos has ordered that a suspected Internet fraudster, Ismaila Mustapha, alias Mompha, be remanded in the prison custody.

Justice Mohammed Liman gave the remand order on Monday shortly

after Mompha was arraigned before him on 14 counts bordering on

fraud, money laundering and running a foreign exchange business

without the approval of the Central Bank of Nigeria.

In the charges against him, the Economic and Financial Crimes Commission

alleged that Mompha procured one Ismalob Global Investment Limited and

retained in its bank account an aggregate of N32.9bn between 2015 and 2018.

The EFCC said Mompha “ought to have reasonably known that the money

formed part of proceeds of unlawful act, to wit: fraud.”

The prosecuting counsel for the EFCC, Rotimi Oyedepo, said Mompha acted

contrary to Sections 5 and 29(1)(c) of the Foreign Exchange Monitoring and Miscellaneous (Provision) Act Cap F34 Laws of the Federation of Nigeria

2004 and he was liable to be punished under Section 29(2) of the same Act.

When the charges were read to him, Mompha pleaded not guilty.

While praying for a date for the commencement of the trial,

the prosecution urged Justice Liman to order that the defendant

be remanded in prison custody.

The defence counsel, Mr Gboyega Oyewole (SAN), said he was not opposed

to the application for the trial date but said he had already filed a bail

application for his client and served same on the prosecution.

The prosecution confirmed that it had been served with the bail application

but said it required time to read and respond to it.

Justice Liman adjourned till Friday to take arguments on the bail application and for trial to commence.

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