Mompha’s Associate Arraigned Over Alleged N206m Money Laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Babafemi, a business associate of social media celebrity, Ismaila Mustapha, also known as Mompha, before the Special Offences Court sitting in Ikeja, over an alleged N206 million fraud

The agency docked Babafemi alongside his companies, 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited, before Justice Rahman Oshodi, on a five-count charge of conspiracy, concealment and transfer of proceeds of crime amounting to N206 million.

The charges were brought pursuant to Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3) of the same law.

In count one, the EFCC alleged that the defendant, while serving as the Managing Director and Chief Executive Officer of the three companies, conspired with Mompha, Ridwan Allison (also known as Osama), both currently at large, and one Richard Ugbah, between 2013 and 2018 in Lagos, to use the companies to conceal the origin of illicit funds.

The prosecution alleged that Babafemi subsequently transferred the sum of N37.6 million to one Omojadesola Allison, knowing or having reasonable grounds to know that the funds formed part of the proceeds of an unlawful act.

The anti-graft agency claimed in count two that, between 2015 and 2018, Babafemi similarly used the companies’ accounts to conceal the origin of funds and transferred N93 million to one Olanrewaju Ibrahim Oriyomi, while knowing or reasonably expected to know that the funds were proceeds of crime.

The defendant, however, pleaded not guilty to all the charges.

Based on his plea, the prosecutor, Ayanfe Ogunsina, urged the court to fix a date for the commencement of the trial and to remand the defendant in a correctional facility.

However, defence counsel, Kunle Adegoke (SAN), informed the court that he had only received the charge a day earlier and had worked overnight to prepare a bail application, which was already before the court.

He urged the court to release the defendant to him, assuring that he would be produced on the next adjourned date.

Justice 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 on the next adjourned date. The case was then adjourned to March 24 for the commencement of the trial.