Inside the N206m Fraud Trial: Mompha’s Associate, Companies Face EFCC in Lagos Court

The war against financial crimes in Nigeria reached a new milestone on Tuesday, January 20, 2026, as the Economic and Financial Crimes Commission (EFCC) officially arraigned Sarumi Samusudeen Babafemi, a known associate of the fugitive Ismail Mustapha (popularly known as Mompha).

The Lagos Zonal Directorate brought Babafemi and his three high-profile companies—606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited—before Justice Rahman Oshodi at the Special Offences Court in Ikeja to answer for an alleged N206 million fraud.

The Charges: Conspiracy and Concealment

Babafemi faces a five-count charge centered on the concealment and transfer of proceeds from criminal activities. According to the EFCC, the illegal transactions occurred between 2013 and 2018.

Key details from the charge sheet include:

• The Mompha Connection: Count one alleges that Babafemi conspired with Ismail Mustapha (Mompha) and others currently at large to hide the origins of N37.6 million, which was eventually transferred to a third party.

• The Paper Trail: Count two highlights an additional transfer of N93 million through company accounts, funds which the prosecution claims the defendant “reasonably ought to have known” were proceeds of an unlawful act.

• The Legal Framework: The charges fall under Section 332 of the Criminal Law of Lagos State, 2011, which carries significant penalties for money laundering and concealment.

The Courtroom Drama: Plea and Bail

Clad in a “not guilty” plea, Babafemi denied all allegations. While prosecution counsel Ayanfe Ogunsina pushed for the defendant to be remanded in a correctional facility pending trial, the defense team, led by Kunle Adegoke, SAN, made a swift intervention.

Adegoke informed the court that the defense had worked through the night to prepare bail applications. In a notable move of professional trust, Justice Oshodi granted the application to release Babafemi to his counsel, provided an affidavit of undertaking is filed to ensure his appearance at the next hearing.

What’s Next?

The court has adjourned the case until March 24, 2026, for the official commencement of the trial. As the EFCC continues its crackdown on the “Mompha network,” all eyes will be on the Ikeja courtroom to see how the N206 million puzzle unfolds.

Written by Boom RadioNG