Dubai based internet celebrity, Ismaila Mustapha, popularly known as Mompha, was granted bail of N200 million with two sureties in the like sum by Justice Mojisola Dada on Tuesday at Ikeja Special Offences Court, Lagos.
Mompha and his company Ismalob Global Investment Ltd were arraigned by the Economic and Financial Crimes Commission over alleged N6 billion fraud, on January 12.
He is facing an eight- count charge bordering on the offences of money laundering, conspiracy to launder funds obtained through unlawful activity, use of property derived from an unlawful act among others
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 N200 million 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.
The case was adjourned until March 28, 29 and April 4, 5 and 6 for commencement of trial.
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