Ismaila Mustapha, popularly known as Mompha, has been granted a N200 million bail with two sureties in like sum.
The Economic and Financial Crimes Commission (EFCC) had arrested and charged Mompha alongside his company, Ismalob Global Investment Limited, for conspiracy to launder over N6 billion last week.
According to the agency, the defendants were engaged in transfer of funds obtained through unlawful activity for a suspect named Olayinka Jimoh a.k.a Nappy Boy, among others.
They also accused him of “concealing his interest in expensive wristwatches and other movable assets valued at over N70 million.”
Although the case was heard a few days ago, the judge had ordered that he be remanded in custody till today.
The court has now granted him a N200 million naira bail.
According to court documents, one of two sureties Mompha will provide must own property valued at N100 million within the jurisdiction.
Mompha is also to be remanded in custody pending when he meets his bail conditions, while his international passport will remain in the custody of the court’s registrar.
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