Court returns Instagram billionaire Mompha to jail for laundering 6 billion naira for singer Nappyboy
January 12 (THEWILL) – A Lagos Special Court sitting in Ikeja has ordered Instagram billionaire Ismaila Mustapha, also known as Mompha, to be remanded in custody by the Economic and Financial Crimes Commission, pending the hearing of his application for release on bail.
Judge Mojisola Dada ordered his pre-trial detention after being arraigned on eight counts bordering on aiding internet fraud and possession of fraudulent documents.
Mompha and his company, Global Investment Limited, have been charged with conspiracy to launder funds obtained through illegal activity, withholding these funds, transferring funds for suspect Jimoh Olayinka Dolapo aka Nappy Boy – owner NapTown archives – and illegal transfer of funds for a record company, among others.
The sums named in the charge are N5,998,884,653,18, N32million, N120million and N15,960,000, totaling more than N6 billion. The EFCC also alleged that Mompha concealed his interest in expensive wristwatches and other movable property valued at over 70 million naira.
Judge Dada adjourned until January 18, 2022 to hear and rule on a bail application filed by Mompha’s lawyer Gboyega Oyewole.
Recall that Mompha is also tried before the Federal High Court of Lagos alongside Ismailob Global Investment Limited for a modified charge of 22 charges bordering on cyber fraud and money laundering up to 32.9 billion. of naira brought against him by the EFCC. He pleaded not guilty to each count.