Court Discharges Mompha, Company of Alleged ₦6bn Money Laundering Charges, Cites Abuse of Judicial Process
An Ikeja Special Offences Court, Lagos, presided over by Justice Mojisola Dada, has discharged social media personality, Ismaila Mustapha, popularly known as Mompha, and his company, Ismalob Global Investment Limited, from the alleged ₦6 billion money laundering charges instituted against them by the Economic and Financial Crimes Commission (EFCC).
The court, in its ruling on Tuesday, November 10, 2026, held that the prosecution of the defendants before it, while a similar case involving Mompha and his company remained pending before the Federal High Court in Lagos, amounted to an abuse of judicial process and forum shopping.
Justice Dada consequently struck out all eight counts preferred against the defendants and discharged them.
The judge held that the eighth count in the charge was an afterthought, apparently introduced to create a distinction between the proceedings before the Special Offences Court and the earlier prosecution before the Federal High Court.
She also rejected the allegation that Mompha deliberately concealed assets recovered from him, observing that there was no intention on his part to withhold information about the items in question, particularly as he had disclosed them in an extra-judicial statement made on October 22, 2019, two days after filing his asset declaration form on October 20, 2019.
The ruling followed a protracted prosecution that dates back to 2019, when the EFCC commenced investigations into the financial activities of Mompha and his company, alleging that they were involved in the laundering of billions of naira suspected to have been derived from fraudulent activities.
The first major legal battle began on October 18, 2019, when Mompha was arrested by operatives of the Nigeria Immigration Service at the Nnamdi Azikiwe International Airport, Abuja, while attempting to board a flight to Dubai.
His arrest followed an investigation by the EFCC into alleged internet fraud, money laundering and suspicious financial transactions involving his company, Ismalob Global Investment Limited.
On November 25, 2019, the EFCC arraigned him and the company before Justice Mohammed Liman of the Federal High Court, Lagos, on a 14-count charge bordering on alleged fraud, money laundering and operating a foreign exchange business without the authorisation of the Central Bank of Nigeria.
The commission alleged that Mompha had procured the company and used its bank accounts to retain an aggregate sum of approximately ₦32.9 billion between 2015 and 2018, which the agency claimed formed part of proceeds of unlawful activities.
The EFCC further alleged that the defendant engaged in foreign exchange transactions without the requisite regulatory approval and conducted several financial transactions involving substantial sums in naira and foreign currencies. On the arraignment the defendants pleaded not guilty to the charges.
Following arguments on his bail application, Justice Liman granted Mompha bail in the sum of ₦100 million, with one surety in like sum, who was required to own landed property. He was also ordered to deposit his international passport with the court and report periodically to the EFCC.
The commission subsequently amended the original charge to 22 counts, maintaining its allegations bordering on cyber fraud, money laundering and unlawful foreign exchange transactions.
The trial before the Federal High Court continued, with the EFCC presenting witnesses and documentary evidence in an attempt to establish the alleged movement of funds through the company’s bank accounts.
The prosecution alleged, among other things, that the funds were channelled through financial transactions and that some of the proceeds were used in acquiring properties outside Nigeria.
While that case was still pending, the EFCC commenced another prosecution against Mompha and his company before the Lagos State Special Offences Court sitting in Ikeja.
The fresh prosecution followed Mompha’s arrest by the EFCC on January 10, 2022. He was subsequently arraigned on January 12, 2022, before Justice Mojisola Dada on an eight-count charge bordering on conspiracy to launder funds allegedly obtained through unlawful activities, retention of proceeds of criminal conduct, laundering of proceeds of unlawful activities, failure to disclose assets and possession of documents containing false pretences.
The commission alleged that Mompha, alongside one Ahmadu Mohammed, who was said to be at large, and Ismalob Global Investment Limited, conspired sometime in 2016 to conduct financial transactions amounting to ₦5,998,884,653.18, allegedly with the intention of promoting unlawful activities, particularly obtaining money by false pretence.
Other allegations included the alleged transfer of funds on behalf of a suspected internet fraudster, Olayinka Jimoh, popularly known as Nappy Boy, as well as transactions involving a record label.
The EFCC also accused Mompha of failing to disclose his interest in expensive wristwatches and other movable assets valued at over ₦70 million.
Mompha pleaded not guilty to the eight counts, while his company also denied the allegations.
On January 18, 2022, Justice Dada admitted Mompha to bail in the sum of ₦200 million, with two sureties in like sum. One of the sureties was required to own property valued at not less than ₦100 million within the jurisdiction of the court.
The court also directed him to deposit his international passport and comply with other bail conditions.
However, the proceedings subsequently became complicated by his failure to appear in court on scheduled dates. In June 2022, Justice Dada revoked his bail and issued a bench warrant for his arrest following his continued absence from trial.
In August 2022, the EFCC declared him wanted over allegations relating to retention of proceeds of criminal conduct, false asset declaration, possession of documents containing false pretences and laundering of proceeds of unlawful conduct.
The commission subsequently announced his re-arrest in May 2023, in connection with the alleged money laundering investigation.
The trial before Justice Dada nevertheless continued, with the EFCC calling witnesses and tendering documentary exhibits in support of its allegations.
During the proceedings, the prosecution, led by counsel Suleiman I. Suleiman, presented evidence from financial institutions and investigators to establish the alleged movement of funds and the defendants’ involvement in the transactions.
The prosecution also relied on documentary evidence, including an investigative report attributed to the United States Federal Bureau of Investigation (FBI), in its attempt to establish the alleged financial activities.
At the conclusion of its case, the EFCC maintained that the evidence presented was sufficient to establish the allegations against Mompha and his company.
The defence, however, challenged the prosecution’s case, arguing that the evidence did not establish the offences alleged or sufficiently connect the defendants with the alleged criminal transactions.
In November 2025, Justice Dada dismissed the defendants’ no-case submission, holding that the prosecution had established a prima facie case requiring them to answer the allegations.
The court consequently directed the defendants to enter their defence.
Dissatisfied with the ruling, the defence approached the Court of Appeal in February 2026 to challenge the decision dismissing the no-case submission, arguing that the prosecution had failed to establish sufficient evidence against the defendants.
The proceedings continued, with the parties eventually presenting and adopting their final written addresses.
While the EFCC urged the court to convict the defendants, maintaining that the evidence of its six witnesses and the documentary exhibits established the allegations, the defence urged the court to discharge and acquit them.
The defence argued that the prosecution had failed to prove the essential elements of the offences and that the evidence did not establish the alleged conspiracy, money laundering or obtaining by false pretence.
The court subsequently delivered its ruling today, holding that the trial before the court, amounted to an abuse of judicial process in view of the earlier proceedings before the Federal High Court.
Justice Dada therefore struck out the entire eight-count charge and discharged Mompha and Ismalob Global Investment Limited.
The latest ruling effectively terminates the ₦6 billion prosecution before the Ikeja Special Offences Court.
