Justice Mojisola Dada of a Special Offences Court sitting in Ikeja, Lagos State, has reserved judgment in the alleged N6 billion money laundering case involving popular Nigerian socialite Ismaila Mustapha, widely known as Mompha, and his company, Ismalob Global Investment Limited. The judgment is scheduled for delivery on October 15, 2026.
Final Arguments Presented by Both Sides
On Monday, June 29, lawyers representing the Economic and Financial Crimes Commission (EFCC) and the defendant adopted their final written addresses, marking the conclusion of the trial's evidentiary phase. Mompha is standing trial alongside his company on eight counts of fraud filed by the EFCC, including alleged conspiracy, money laundering, retention of proceeds of unlawful activities, failure to disclose assets, and possession of documents containing false pretences.
Mompha had earlier been granted bail after his arraignment. Initially, the court set his bail at N200 million, but the amount was later reduced to N25 million following further proceedings.
Defence Urges Acquittal, Prosecution Seeks Conviction
During the latest hearing, Mompha's lawyer, Kolawole Salami, urged the court to discharge and acquit his client, arguing that the EFCC failed to establish the allegations beyond reasonable doubt. According to Salami, the prosecution could not rely solely on Mompha's extra-judicial statement as proof of the offences alleged. He maintained that none of the prosecution witnesses presented direct or circumstantial evidence linking his client to conspiracy. The defence insisted that although Mompha chose not to enter a defence, the burden of proof remained with the prosecution.
In contrast, counsel for the EFCC, S. I. Suleiman, informed the court that the commission called six witnesses and tendered documentary evidence supporting the charges. He urged the court to convict the defendants, alleging that bank accounts belonging to the defendants were used to launder proceeds of internet fraud. According to the prosecutor, the case presents an opportunity for the judiciary to send a strong message against financial crimes capable of damaging Nigeria's international reputation.
Background of the Case
Mompha's legal troubles began when the EFCC arraigned him on charges related to an alleged N6 billion money laundering scheme. The socialite has been a prominent figure on social media, known for his lavish lifestyle and flaunting of wealth. The case has drawn significant public attention, with many following the proceedings closely.
In a separate development, Legit.ng earlier reported that Mompha had acquired a house for his young son in Dubai to honour his 6th birthday. The news sparked debate on social media, with some questioning the necessity of such an expense for a child, while others defended the socialite's right to spend his money as he sees fit.
Next Steps
With the court reserving judgment, both parties now await the October 15, 2026, date when Justice Dada will deliver her ruling. The outcome of this case is expected to have implications for financial crime prosecutions in Nigeria.
