The Federal High Court of Nigeria, Lagos has ordered that Ismaila Mustapha remains in prison on the count of money laundering.
The decision was taken on Monday 25th November 2019 by Justice Mohammed Liman of the Federal High Court. He ordered that the alleged internet fraudster, Ismaila Mustapha, aka Mompha be kept in the custody of the Nigerian Correctional Services after the defendant pleaded not guilty to 14-counts of laundering worth N33 billion.The ongoing trial between the Economic and Financial Crimes Commision (EFCC) and Mompha has a date fixed for it’s hearing as the 29th of November 2019, after it was alleged that Mompha has laundered funds using a firm called Ismalob Global Investment Ltd, between 2015 and 2018; Ismalob Global Investment Ltd is the second defendant in the case. According to the claims by EFCC, the funds which were deposited in a Fidelity Bank account, were moved in tranches of N18,059,353,413 billion and N14,946,773,393.00 billion respectively.
They further alleged that both defendants, not being a financial institution, or an authorized foreign exchange dealer, negotiated a foreign exchange transaction in the sum of N9.416million, N20 million, N10,437,400.00, N10miillion, N2.46million, N10miillion, N100million, N61million, N100million, N40.7million and N42million. The funds were domiciled in the defendants’ Fidelity Bank account. The commission alleged that Mompha “between 2015 and 2018 procured Ismalob Global Investment Ltd to retain the aggregate sum of N18,059,353,413 in its account No. 5260000846 domiciled in Fidelity Bank Plc.
Mompha also allegedly aided the company “to retain the aggregate a sum of N 14,946,773,393.00 in the same bank account domiciled in Fidelity Bank Plc from Pitacalize Ltd. Both actions offended Sections 18(3) and 15(2)(d) of the Money Laundering Prohibition Act.2011 as amended and punishable under section 15 (3) of the same Act.
It will be recalled that EFCC was able to arrest Mompha after they got Intel from the United States.