The Economic and Financial Crimes Commission, EFCC, on Tuesday arraigned a businessman, Sarumi Babafemi, before an Ikeja Special Offences Court over an alleged N206 million fraud.
Babafemi, who is described as an associate of social media celebrity Ismail Mustapha, popularly known as Mompha, was charged alongside three companies linked to him, 606 Autos Ltd, 606 Music Ltd and Splash Off Entertainment Ltd.
They are facing a five-count charge bordering on conspiracy, concealment and transfer of proceeds of crime amounting to N206 million.
According to the EFCC, the defendant, who serves as 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 disguise the source of funds and move proceeds derived from unlawful activities.
The anti-graft agency alleged that between 2013 and 2018, Babafemi used his Lagos-based companies to conceal the true origin of the funds in question.
The commission further alleged that the defendant transferred the sum of N37.6 million to one Omojadesola Allison, with knowledge that the money constituted proceeds of crime.
The prosecution maintained that the alleged offences contravene Sections 332(1) and 323(2) of the Criminal Law of Lagos State, 2011.
At the hearing, the prosecutor, Mr Ayanfe Ogunsina, asked the court to set a date for the commencement of trial and also requested that the defendant be remanded at a correctional facility.
In response, defence counsel, Mr Kunle Adegoke (SAN), told the court that he only received the charge a day earlier and worked overnight to prepare a bail application on behalf of his client.
He urged the court to release the defendant into his custody, assuring that Babafemi 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 ensure his appearance in court at the next sitting.
The court subsequently adjourned the matter until March 24 for the commencement of trial.
What you should know
The case is connected to wider investigations involving high-profile internet fraud and money laundering allegations in Nigeria.
Sarumi Babafemi’s alleged association with social media celebrity Ismail Mustapha, also known as Mompha, places the trial within a broader EFCC crackdown on the use of corporate structures to conceal illicit funds.
The charges reflect ongoing efforts by the anti-graft agency to enforce financial crime laws, particularly those related to the movement and laundering of large sums of money through companies and third parties. The outcome of the trial could further shape accountability in cases involving celebrity-linked financial crimes.
