N33bn fraud: Ismail 'Mompha' Mustapha granted N100m bail | Concaholic

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N33bn fraud: Ismail ‘Mompha’ Mustapha granted N100m bail

Suspected fraudster, Ismaila Mustapha, popularly referred to as Mompha, has been granted a N100 million bail after being arrested and subsequently taken to court, for alleged internet scam and money laundering.

Mompha who had been remanded in prison custody, after being arraigned by the Economic and Financial Crimes Commission (EFCC) on 14 counts bordering on fraud, money laundering, and running a foreign exchange business without the authorisation of the Central Bank of Nigeria (CBN), was on Friday, November 29, 2019, admitted to bail with one surety who must be a landed property owner.

Justice Mohammad Liman of a Federal High Court in Lagos also ordered the defendant to deposit his passport with the Deputy Chief Registrar of the court, and report at the EFCC office every fortnight to show that he has not left the country.

The presiding judge adjourned the case for further proceedings till January 8, 2020.

The popular Dubai-based Nigerian, who flaunts his riches on social media, was arrested on Tuesday, October 22, while he was attempting to board a flight from Abuja to Dubai.

Mompha, on Monday, November 25, was subsequently remanded in prison custody after being arraigned on 14 counts.

At the opening of the trial on Friday, a compliance officer with Fidelity Bank, Peter Adegoke, who testified as the second prosecution witness, told the court that Ismalob Global Investment Limited, a firm allegedly procured by Mompha, has a bank account domiciled in the bank.

According to Adegoke, Mompha was the sole signatory to the naira account.

Adegoke added that there was a total inflow of N18.5 billion into the account, while a total of about N18 billion moved out between 2015 and October 2019.

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