Justice Mohammed Liman of the Federal High Court in Lagos on Monday ruled that suspected Internet fraudster, Ismaila Mustapha, alias Mompha, be remanded in the prison custody after his arraignment on 14 counts bordering on fraud, money laundering, and running a foreign exchange business without the authorisation of the Central Bank of Nigeria.
The Economic and Financial Crimes Commission (EFCC) alleged that Mompha procured one Ismalob Global Investment Limited and retained in its bank account an aggregate of N32.9bn between 2015 and 2018.
The EFCC said Mompha’s action formed part of proceeds of unlawful act, to wit fraud, an action the suspect out to be aware of.
The suspect was also accused of negotiating foreign exchange transactions of various sums with various persons when he was not an authorised seller appointed by the CBN.
Counsel for the EFCC, Rotimi Oyedepo, said the counts contavenes sections 5 and 29(1)(c) of the Foreign Exchange Monitoring and Miscellaneous (Provision) Act Cap F34 Laws of the Federation of Nigeria 2004, punishable under Section 29(2) of the same Act.
When the charges were read, Mompha pleaded not guilty.
The prosecutor consequently asked for a trial date and urged Justice Liman to remand Mompha in prison custody.
The defence counsel, Mr. Gboyega Oyewole (SAN), said he was not opposed to the application for trial date, but had already filed a bail application for his client and had also served same on the prosecution, a statement the latter confirmed.
Justice Liman therefore adjourned till Friday, November 29, to take arguments on the bail application and for trial to commence.
Meanwhile, the prosecution applied that the judge issue summons on some of its listed witnesses, including the Director of Trade and Exchange Department at the CBN, Ahmed Umar; and Enu Matthew of the Special Control Unit Against Money Laundering, Ministry of Trade, among others.