The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned businessman Sarumi Babafemi before the Ikeja Special Offences Court over an alleged N206 million fraud.
Babafemi, described by prosecutors as an associate of social media personality Ismail Mustapha, popularly known as Mompha, was charged alongside three firms—606 Autos Ltd, 606 Music Ltd and Splash Off Entertainment Ltd—of which he is the managing director.
The defendants are facing a five-count charge bordering on conspiracy, concealment and transfer of proceeds of unlawful activities amounting to N206 million.
According to the EFCC, Babafemi conspired with Mompha and two other suspects, Ridwan Allison and Richard Ugbah, who are currently at large, to conceal the origin of funds believed to be proceeds of crime.
The anti-graft agency alleged that between 2013 and 2018, Babafemi used his companies in Lagos to disguise the source of the funds and unlawfully transfer them through various transactions.
The prosecution further alleged that Babafemi transferred N37.6 million to one Omojadesola Allison, with knowledge that the funds were proceeds of criminal activity.
The EFCC said the alleged offences contravene Sections 332(1) and 323(2) of the Criminal Law of Lagos State, 2011.
At the hearing, prosecution counsel Ayanfe Ogunsina asked the court to remand the defendant pending trial, while defence counsel Kunle Adegoke (SAN) sought bail, stating that he had only received the charge a day earlier and had prepared an application overnight.
Justice Rahman Oshodi granted bail, ordering that Babafemi be released to his counsel upon the filing of an affidavit of undertaking to produce him in court at the next hearing.
The court adjourned the matter until March 24 for the commencement of trial.