Mompha hid N32.9b transactions from government for 25 months (Details)

At the resumed trial of Dubai-based Nigerian man Ismaila Mustapha popularly known as Mompha on Wednesday January 15, it was alleged that he hid N32.9billion transactions from the Special Control Unit Against Money Laundering (SCUML) for 25 months.

It was reported that the agency ’EFCC’ had accused the defendant of procuring Ismalob Global Investment Ltd. and retaining in its account of an aggregate sum of N32.9 billion between 2015 and 2018 between December 14, 2015 and January 25, 2018

Prosecution witness and an official of the Special Control Unit Against Money Laundering (SCUML), Mr. Matthew Enu-Obun told Justice Mohammad Liman that they had no record of the transaction as it was hidden and not reported.

It was disclosed by EFCC, that Mompha who is not a financial institution or an authorised foreign exchange dealer, negotiated foreign exchange transaction in the sums of the following amounts N10miillion, N2.46million, N10miillion, N100million, N61million, N100million, N40.7millio, N9.416million, N20million, N10,437,400.00 and N42million.

He also allegedly laundered money made from the transaction in tranches of N18,059,353,413 billion and N14,946,773,393.00 billion, an offence which contravened sections 15(2) and 18(3) of the Money Laundering (Prohibition) Act, 2011 as amended.

However, the case has been adjourned for further hearing till February 26, 2020.

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