Court remands ‘Instagram billionaire’ Mompha in prison for laundering N6bn for singer nappyboy

January 12, 2022
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Mompha & Nappyboy
Mompha & Nappyboy

January 12, (THEWILL) – A Lagos Special Offence Court sitting in Ikeja has ordered that Instagram Billionaire, Ismaila Mustapha, otherwise known as Mompha, be remanded in the custody of the Economic and Financial Crimes Commission, pending hearing of his bail application.

Justice Mojisola Dada ordered his remand after he was arraigned on an eight count charges which borders on aiding internet fraud and being in possession of fraudulent documents.

Mompha and his company, Global Investment Limited, were accused of conspiracy to launder funds obtained through unlawful activity, retention of such funds, transfer of funds for a suspect Jimoh Olayinka Dolapo a.k.a Nappy Boy — owner of NapTown records — and unlawful transfer of funds for a record label, among others.

The sums named in the charge are N5,998,884.653.18, N32million, N120million and N15,960,000, totalling over N6 billion. The EFCC also alleged that Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70 million.

Justice Dada adjourned till January 18, 2022 to hear and rule on a bail application filed by Mompha’s counsel, Gboyega Oyewole.

It would be recall that Mompha is also standing trial at the Federal High Court in Lagos alongside Ismalob Global Investment Limited on an amended 22-count charge bordering on cyberfraud and money laundering to the tune of N32.9billion brought against him by the EFCC. He pleaded not guilty to each of the counts.

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