The Economic and Financial Crimes Commission, EFCC, has alleged that Nigerian socialite, Ismaila Mustapha, aka Mompha, hid transactions running over 30 billion naira from the government.
At the resumed trial of Dubai-based Bureau De change operator on Wednesday, January 15, the anti-graft agency claimed that he hid N32.9billion cash transactions from the Special Control Unit Against Money Laundering (SCUML) for 25 months.
The EFCC accused the defendant of procuring Ismalob Global Investment Ltd. and retaining in its account an aggregate sum of N32.9 billion between December 14, 2015, and January 25, 2018.
Matthew Enu-Obun, the prosecution witness and an official of the SCUML, told Justice Mohammad Liman that they had no record of the transaction, as it was hidden and not reported.
According to the EFCC, Mompha, who is neither a financial institution nor an authorised foreign exchange dealer, negotiated foreign exchange transaction in the sums of N9.416million, N20million, N10,437,400.00, N10miillion, N2.46million, N10miillion, N100million, N61million, N100million, N40.7million and N42million.
The agency also alleged that he laundered money made from the transaction in tranches of N18,059,353,413 billion and N14,946,773,393.00 billion, thereby committing an offence which contravened sections 15 (2) and 18 (3) of the Money Laundering (Prohibition) Act, 201, as amended.
The case was adjourned till February 26 for further hearing.