Mompha and his firm were first arraigned on 12 January 2022 on an eight-count charge that borders on conspiracy to launder funds derived from unlawful activities.
Justice Mojisola Dada of the Lagos State Special Offences Court, sitting in Ikeja, has ruled that social-media personality Ismaila Mustapha, widely known as Mompha, and his company Ismalob Global Investment Limited must enter their defence in the alleged N6 billion money-laundering suit brought against them by the Economic and Financial Crimes Commission (EFCC).
The decision, delivered on Tuesday and shared by EFCC in a statement, follows several months of legal argument between the anti-graft agency and the defendants over whether the prosecution had established a case worthy of answer.
Background of the Case
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Mompha and his firm were first arraigned on 12 January 2022 on an eight-count charge that borders on conspiracy to launder funds derived from unlawful activities, retention of criminal proceeds, failure to declare assets, and possession of documents containing false pretences.
According to the EFCC, the defendants conspired to carry out financial transactions amounting to N5,998,884,653.18, nearly N6 billion, with the intent to promote illicit activities linked to obtaining money by false pretence. The charge also mentions one Ahmadu Mohammed, who remains at large, as an accomplice.
Mompha, famed for flaunting luxury cars and designer fashion online, pleaded not guilty to all counts when first arraigned.
Court proceedings
The EFCC stated that prosecution counsel S. I. Suleiman called five witnesses, including investigators, a bank compliance officer, and representatives from the financial services sector, to trace the alleged flow of funds and demonstrate the concealment of illicit transactions.
After the prosecution closed its case, Mompha's lawyer, Kolawole Salami, entered a no-case submission, asserting that none of the witnesses or documents tied his client directly to the alleged offences. He urged the court to discharge and acquit the defendants due to a lack of evidence.
Delivering her ruling, Justice Mojisola Dada held that the prosecution had presented sufficient material to require a defence.
"The evidence before the court discloses grounds sufficient for the defendants to enter their defence," she ruled, dismissing the no-case submission.
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The judge directed Mompha and his company to open their defence on the next adjourned date, 27 and 28 January 2026, for the commencement of the defence stage, during which the defendants are expected to call their own witnesses and tender documents in support of their case.
The high-profile trial has drawn widespread attention since Mompha's arrest, with the EFCC alleging that he used his firm to launder billions through a complex network of accounts.
Though granted bail in 2022, the defendant's intermittent absences from court led the EFCC to declare him wanted briefly. Mompha has consistently denied wrongdoing, insisting that his fortune stems from a legitimate bureau de change business.
As of press time, he has not publicly reacted to Justice Dada's latest ruling.
