The N32.9 billion fraud trial of Instagram influencer/ celebrity, Ismaila Mustapha known popularly as Mompha continued on Wednesday, January 15, before a Federal High Court in Lagos State. Mr Mustapha is charged by the Economic and Financial Crimes Commission (EFCC) on 14 counts bordering on fraud, money laundering and operation of a foreign exchange business without the authorisation of the Central Bank of Nigeria. He, however, pleaded not guilty to the charges, and was granted bail in the sum of N100 million with one surety in like sum.
In the charge, the prosecution alleged that Mr Mustapha laundered N32.9 billion through Ismalob Global Investment Ltd. from 2015 to 2018. Both defendants were alleged to have negotiated foreign exchange transactions in various sums such as N9.4 million, N20 million, N10.4 million, N2.4million, N100 million, N61 million, N40.7 million and N42 million, among others.
Mr Mustapha was alleged to have aided the Ismalob to retain in its account, an aggregate sum of N14 billion procured from Pitacalize Ltd. The alleged offences contravene the provisions of sections 15(2) and 18(3) of the Money Laundering (Prohibition) Act, 2011 as amended.
The trial will continue on February 26.