Court grants Mompha N100m bail

The trial of suspected internet fraudster, Ismaila Mustapha, aka Mompha, for alleged N33 billion fraud began at the Federal High Court in Lagos with the prosecution calling a Central Bank of Nigeria (CBN) official as a witness.

The Economic and Financial Crimes Commission (EFCC) had arraigned Mompha on a 14- count charge of fraud, money laundering and running a foreign exchange business without authorisation of the CBN.

He was arraigned alongside a firm, Ismalob Global Investment Ltd.

EFCC accused the defendant of procuring Ismalob Global Investment Ltd and retaining in its account, an aggregate sum of N32.9billion between 2015 and 2018.

He pleaded not guilty to the charges.

When the case was called on Friday, the prosecution called its first witness, Mrs. Anne Nnenna, a Senior Manager with the CBN.

The witness introduced herself as working in the Trade and Investment Department of the apex bank.

Led in examination by the prosecution counsel, Rotimi Oyedepo, the witness told the court that her department also regulates Bureau De Change Operations (BDC).

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When asked how the BDC operations ought to be regulated, she told the court that a BDC operator must have its business incorporated with the Corporate Affairs Commission (CAC)

She added that the operator must also possess all requisite document incidental to the operations of a BDC.

Oyedepo then asked the witness to confirm to the court if from the records of the CBN, Ismalo Investment Limited is registered as a BDC.

She replied by saying No, saying “we have reviewed our records and we do not have any record of that name.

Oyedepo then asked the witness that if she sees a copy of the CBN review she will be able to recognize same and she replied “yes.”

After the witness was shown the document, she confirmed it as the review and the prosecution counsel sought to tender it as exhibit in court.

There was no objection from defence counsel.

Justice Mohammed Liman admitted the document as exhibit A.

The judge later adjourned further proceedings till January 8, 2020.

Meanwhile, the judge granted the defendant bail in the sum of N100million with one surety who must have a landed property.

Mompha was ordered to deposit his international passport with the Deputy Chief Registrar of the court and report at the EFCC office fortnightly.

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