Ismaila Mustapha, alias Mompha, opted to be remanded at the Ikoyi correctional centre following his inability to meet the strict bail conditions imposed by an Ikeja special offences court, Lagos, on Tuesday.
The Lagos Command of the Economic and Financial Crimes Commission, EFCC, had, on Wednesday, January 12, 2022, arraigned Mompha and his company, Ismalob Global Investment Limited, on an eight-count charge bordering on conspiracy to launder funds obtained through unlawful activities, retention of proceeds of criminal conduct, laundering of funds obtained through unlawful activities, failure to disclose assets and property, possession of documents containing false pretence and use of property derived from an unlawful act.
Mompha has chosen to be remanded at the Ikoyi Correctional Centre following the strict bail conditions imposed by an Ikeja Special Offences Court, Lagos pic.twitter.com/BdCoMePdAT
— Naija (@Naija_PR) January 18, 2022
Justice Mojisola Dada, at the resumption of proceedings on Tuesday, after hearing the submissions of defence counsel, Mr Gboyega Oyewole (SAN), and EFCC prosecutor, Mr Rotimi Oyedepo (SAN), granted Mompha bail-in “very strong terms”.
“The applicant is granted bail in the sum of N200 million with two sureties in like sum,” Dada said.
“One of the sureties must have the property valued at N100million within the jurisdiction of this honourable court. Both sureties must depose to an affidavit of means to allow the placement of a lien in their respective bank accounts, both sureties must be gainfully employed and resident within the jurisdiction of this court. The sureties must provide proof of tax payment for the past three years. The applicant shall however be remanded in a Correctional Center of his choice pending the perfection of his bail.”
NAN reports that Mompha after consultation with his legal team opted to be remanded at the Ikoyi Correctional Centre. The case was adjourned until March 28, 29, and April 4, 5, and 6 for commencement of trial.