Social media celebrity, Ismaila Mustapha also known as Mompha, on Tuesday agreed to be remanded at the Ikoyi Correctional Centre following his failure to meet the strict bail conditions imposed by an Ikeja Special Offences Court, Lagos.

Mompha and his company, Ismalob Global Investment Ltd, were arraigned by the Economic and Financial Crimes Commission over alleged N6billion fraud on January 12, 2022.

The eight-count charge including conspiracy to launder funds received through illegal activity and laundering of funds obtained through unlawful activity.

Others are retention of proceeds of criminal conduct, use of property derived from an unlawful act, possession of a document containing false pretence and failure to disclose assets and properties.

He was earlier remanded in the custody of the EFCC after the January 12 proceedings and the court had fixed January 18 to hear his bail application.

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 N200million with two sureties in like sum.

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,

Dada said.

NAN reports that Mompha after consultation with his legal team opted to be remanded at the Ikoyi Correctional Center.

The case was postponed until March 28, 29 and April 4, 5 and 6 for commencement of trial.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.