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Mompha Remanded At Ikoyi Prison When He Couldn’t Meet N200 Million Bail

Social media celebrity and self-acclaimed millionaire, Ismaila Mustapha popularly known as Mompha, is now an inmate at the Ikoyi Correctional Centre. Mompha was remanded at the prison facility after his inability to meet bail conditions following arraignment by the EFCC at the Ikeja Special Offences Court in Lagos.

The EFCC is accusing Mompha and his company Ismalob Global Investment Ltd. on a N6 billion fraud. The charges were made on January 12 and Mompha was arraigned on January 18. He was charged with money laundering and conspiracy to launder funds obtained illegally. He was also accused of failure to disclose his source of wealth and value of assets, as well as impersonation.

The EFCC was represented by Rotimi Oyedepo (SAN) and Mompha represented by Gboyega Oyewole (SAN). The presiding judge was Justice Mojisola Dada who said she would impose conditions for bail in “very strong terms.” Mompha’s friend Hushpuppi is also in prison in the United States.

The judge imposed a bail condition of N200 million and two guarantors who should pay N100 million each. One of the sureties must have a property worth N100 million and they must provide proof of tax payment over a three-year period. Justice Dada said Mompha would be allowed to be incarcerated at a correctional facility of his choice until the bail conditions are met.

“The applicant is granted bail in the sum of N200 million with two sureties in like sum,” the judge stated. “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.”

Mompha consulted with his defence team and they chose the Ikoyi prison. The judge then adjourned the case to March 28 and 29 as well as April 4-6 for trial.