The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned a businessman, Sarumi Babafemi, for alleged N206 million fraud at the Lagos Special Offences Court, Ikeja.
Babafemi, an associate of social media celebrity, Ismail Mustapha, aka Mompha, was charged alongside his companies. 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited.
The commission the defendant on a five-count charge of conspiracy, concealment and transfer of proceeds of crime to the tune of N206 million.
EFCC alleged that the defendant, who is the Managing Director of the companies, conspired with Mompha, and two others, Ridwan Allison and Richard Ugbah, (still at large), to conceal the origin of the funds and transfer proceeds of unlawful activities.
The commission alleged that the defendant, between 2013 and 2018 in Lagos, used his companies to conceal the origin of funds.
The EFCC also alleged that the defendant transferred the sum of N37.6 million to one Omojadesola Allison, knowing that the money formed part of crime the proceeds.
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The prosecution added that the offences contravened the provisions of sections 332(1) and 323(2) of the Criminal Law of Lagos State, 2011.
The prosecutor, Mr. Ayanfe Ogunsina, urged the court to fix a date for commencement of trial and remand the defendant in a correctional centre.
But defence counsel, Mr. Kunle Adegoke (SAN), informed the court that he only received the charge the previous day, adding that he had worked overnight to prepare an application for his client’s bail.
He urged the court to release the defendant to him, with a pledge to produce him on the next adjourned date.
Justice Rahman Oshodi, consequently, granted the application and ordered that the defendant be released to his counsel upon the filing of an undertaking to produce him in court on the next adjourned date.
He adjourned the case till March 24 for trial.
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