Ismaila Mustapha, also known as Mompha, and his company, Ismalob Global Investment Limited, have been charged by the Economic and Financial Crimes Commission (EFCC).
They were both charged with 8 counts of suspected money laundering totaling over 6 billion naira before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos.
The offense is punishable under the Advance Fee Fraud Act of 2006 and the EFCC Act of 2004.
The defendants were charged with conspiracy to launder cash earned via illegal activity, retention of those funds, transfer of funds for a suspect named Olayinka Jimoh, also known as Nappy Boy, and unlawful movement of funds for a record label, among other things.
The EFCC also alleged that Mompha concealed his interest in expensive wristwatches and other movable assets valued at over 70 million naira.
Mompha pleaded not guilty to the charges on behalf of his company, Islamob Limited.
Justice Dada has ordered his remand in the custody of the EFCC till January 18th when his bail application will be heard.
This is the second case in which the EFCC is charging Mompha. He is standing trial for the first at the Federal High Court, Lagos on an amended 22-count bordering on cyberfraud and money laundering to the tune of 32.9bn naira.
He was re-arrested by operatives of the EFCC on January 10, for laundering funds obtained through unlawful activities and retention of alleged proceeds of crime.
