Ismaila Mustapha popularly known as Mompha hid his wealth in wristwatches, according to the Economic and Financial Crimes Commission (EFCC).
That much was revealed on Wednesday January 12 by the EFCC at Lagos Special Offenses Court in Ikeja, after Mompha and his firm, Ismalob Global Investment Limited were arraigned on eight counts for alleged money laundering to the tune of over N6 billion.
According to EFCC, “Mompha concealed his interest in expensive wristwatches and other movable assets valued at over N70million.”
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Mompha however, pleaded ‘not guilty’ to the eight counts while Islamob Limited (represented also by Mompha) pleaded not guilty to the first six counts. After his plea, prosecuting counsel, Mr. Rotimi Oyedepo requested for a trial date.
The court later ordered that Mompha be remanded in custody of the EFCCC pending the hearing of his bail application in the N6 Billion fraud charge filed against him.
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