Embattled businessman, Ismailia Mustapha better known as Mompha, has been granted bail after spending 10 weeks in the custody of the Economic and Financial Crimes Commission (EFCC).
The Socialite was arrested on Monday, January 10, for allegedly laundering funds obtained through unlawful activities and retention of alleged proceeds of crime.
He was arraigned alongside his company, Ismalob Global Investment Limited, on January 12 on eight counts bordering on conspiracy to launder funds obtained through unlawful activity, retention of proceeds of criminal conduct.
On January 18, a Lagos Special Offence Court sitting in Ikeja remanded him in EFCC custody pending hearing of his bail application.
Appearing before Justice Mojisola Dada on Monday, March 28, the defendant pleaded “not guilty” to the charges following which his counsel, Gboyega Oyewole (SAN) applied for bail.
Justice Dada granted him in the sum of N25million, with two sureties, one of whom must own a property worth N50million. The case has been adjourned till April 6, 2022.
