Social media celebrity, Ismaila Mustapha, alias Mompha, on Tuesday choose to be remanded at the Ikoyi Correctional Centre following his inability to meet the strict bail conditions imposed by an Ikeja Special Offences Court, Lagos.
According to reports by The News Agency of Nigeria (NAN) that Mompha and his company Ismalob Global Investment Ltd were arraigned by the Economic and Financial Crimes Commission over alleged N6 billion fraud, on January 12.
The eight-count charges are conspiracy to launder funds obtained through unlawful activity and laundering of funds obtained through unlawful activity.
Others are retention of proceeds of criminal conduct, use of property derived from an unlawful act, possession of a document containing false pretence and failure to disclose assets and properties.
He was earlier remanded in the custody of the EFCC after the January 12 proceedings and the court had fixed Jan. 18 to hear his bail application.
Justice Mojisola Dada, at the resumption of proceedings on Tuesday, after hearing the submissions of defence counsel, Mr Gboyega Oyewole (SAN), and EFCC prosecutor, Mr Rotimi Oyedepo (SAN), granted Mompha bail-in “very strong terms.”
“The applicant is granted bail in the sum of N200 million with two sureties in like sum.
One of the sureties must have the property valued at N100million within the jurisdiction of this honourable court. Both sureties must be gainfully employed and resident within jurisdiction of the court and as present proof of tax payment for the past three years.
NAN reports that Mompha after consultation with his legal team opted to be remanded at the Ikoyi Correctional Center.
The case was adjourned until March 28, 29 and April 4, 5 and 6 for commencement of trial.