The Economic and Financial Crimes Commission (EFCC) arraigned Sarumi Babafemi, identified as an associate of social media personality Ismail Mustapha (Mompha), before an Ikeja Special Offences Court over alleged fraud involving N206 million on Tuesday.
EFCC charged Babafemi alongside his companies “606 Autos Ltd.” 606 Music Ltd and Splash Off Entertainment Ltd — on a five-count accusation. The counts include conspiracy, concealment and transfer of proceeds of crime totalling N206 million.
The prosecution said the offences relate to actions from 2013 to 2018 in Lagos. It alleged that Babafemi, as managing director of the companies, conspired with Mompha and two others, Ridwan Allison and Richard Ugbah (both at large), to conceal the origin of funds and transfer proceeds from unlawful activities.
The EFCC also said Babafemi transferred N37.6 million to Omojadesola Allison, knowing it formed part of funds from alleged criminal conduct.
The offences are said to contravene sections of the Criminal Law of Lagos State, 2011.
The prosecutor, Mr Ayanfe Ogunsina, asked the court to fix a date for trial and to remand Babafemi at the correctional centre.
In response, defence counsel Mr Kunle Adegoke (SAN) said he received the charge the previous day and worked overnight to prepare a bail application. He asked that the defendant be released to him and pledged to ensure Babafemi appears in court on the next date.
Justice Rahman Oshodi granted the bail application. The judge ordered Babafemi’s release to his lawyer once an affidavit of undertaking is filed to guarantee his appearance at the next session.
The court adjourned the matter to March 24, 2026 for the commencement of trial proceedings.
The arraignment is part of ongoing actions by the EFCC against individuals and entities linked to alleged financial crimes in Nigeria. High-profile cases linked to Ismail Mustapha (Mompha) have attracted public and legal attention in recent years.
Rule of law: The case reflects enforcement of anti-fraud and financial crime laws in Lagos.
Public funds and trust: Allegations of concealment and unlawful fund movements raise concerns about business conduct and financial transparency.
Judicial process: Bail and scheduled trial dates show continued legal engagement with financial crime allegations.
The case is set to continue in court on March 24, 2026, when formal trial proceedings are expected to begin. Parties will appear to present evidence and examine charges in detail.
