In a significant development at the Special Offences Court in Ikeja, Lagos, the sixth prosecution witness, Idi Musa, disclosed how a staggering N35 billion was traced to two bank accounts associated with Ismaila Mustapha, popularly known as Mompha.
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The revelation came during the ongoing trial where Mompha and his company, Ismalob Global Investment Limited, face charges including money laundering and illegal financial activities.
The trial, initiated by the Lagos Zonal Command of the Economic and Financial Crimes Commission (EFCC), dates back to January 2022 when Mompha was arraigned for various financial crimes. Despite pleading not guilty, the case took a turn when Mompha absconded, leading Justice Mojisola Dada to order the trial to proceed in absentia since September 2022.
During Monday’s proceedings, EFCC investigator Idi Musa detailed the origins of the investigation, mentioning intelligence received from the FBI regarding Mompha’s alleged involvement in cybercrime activities, commonly known as “Yahoo Yahoo.”
Musa recounted, “We received intelligence from the FBI in 2019 indicating the involvement of the defendants in cybercrime in the USA.” This revelation prompted the EFCC to delve deeper, scrutinizing bank accounts linked to Mompha. “We discovered a substantial flow of N30 billion through one of Mompha’s bank accounts and an additional N5 billion in another,” Musa explained.
Further complicating matters, the investigation uncovered discrepancies in Mompha’s claim of operating a Bureau De Change business. “Despite his assertion, our investigations revealed otherwise,” Musa stated, highlighting the charges of money laundering and operating an unlicensed BDC pending at the Federal High Court in Ikoyi.
The witness also pointed out forensic evidence from the FBI implicating Mompha’s iPhone in illicit financial activities. “Forensic analysis showed Mompha’s iPhone was used to send account details to a UAE number and search for bank Swift Codes,” Musa disclosed.
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As the trial progresses, the EFCC continues to hold confiscated items, asserting them as proceeds of crime due to Mompha’s alleged omission on his Assets Declaration Form. “Most recovered properties were released on bond, except his iPhone 8, which remains with the commission,” Musa confirmed.
The court admitted Mompha’s statement and Assets Declaration Form as exhibits P5 and P6 respectively, marking a pivotal moment in the ongoing legal battle. Justice Mojisola Dada adjourned the proceedings to October 8, 2024, anticipating further revelations in this high-profile case.
