Justice Mohammed Liman, sitting at a Federal High Court, Lagos, Friday, granted N100 million bail to the Internet Celebrity, Ismail Mustapha, aka Mompha, who was charged with laundering N33 billion by the Economic and Financial Crimes Commission, EFCC.
The court ordered that the defendant should provide one surety that must have a landed property within the Court’s jurisdiction and the title documents must be verified by relevant Lands authority, while the surety is to be verified by the Court’s Deputy Chief Registrar (DCR).
READ: Court remands Mompha over money laundering
Mompha, according to the court must also deposit his international travel passport with the Court’s DCR and always visit the EFCC every 14 days, in order to ensure that he did not travel out of the country till the determination of the charge against him.
Justice Liman gave the bail conditions against Mompha, after taken arguments from the counsel to the EFCC led by Mr. Rotimi Oyedepo and the defence team which includes Mr. Gboyega Oyewole (SAN), Adebayo Ajidagba, Ayodele O, Ademola Adefolaju and Kolawole Salami.
It would be recalled that the defendant and his company, Ismalob Global Investment Limited, was on Monday, arraigned before the court by the EFCC on a 14-count-charge bordering on operating BDC without registering with CBN and other regulating Ministries and unlawful negotiation of foreign exchange.
The offences according to the EFCC contravened sections 18(c) and 15(2)(d) of the Money Laundering Prohibition Act,2011 as amended and punishable under section 15 (3) of the same Act.
He had pleaded not guilty to all the counts.
Prior to the ruling on the bail application, the EFCC had called three witnesses, who includes; Nnenna Ezekannegha, Senior Manager Customers Services, Trade and Exchange Department of Central Bank of Nigeria (CBN), a banker, Peter Ademola Adegoke and Okafor Ikenna Ignatius.
READ: How we arrested Mompha on his way to Dubai — EFCC
In her evidence, the CBN official, Mrs. Ezekannagha, told the court that the CBN has no record of licensing Ismalob Global Investment Limited as a Bureau de Change operator.
She said for the CBN to licence a firm as a BDC operator, such firm must show evidence of incorporation as a limited liability company by the Corporate Affairs Commission.
She explained that all licensed BDCs have a transaction limit of $5,000.
When the defence counsel, Oyewole (SAN) asked her whether it was unlawful for an individual who has foreign currency in his domiciliary account to give foreign currency to a friend in exchange for naira, the CBN official said it would not be unlawful if it was not a commercial transaction.
She said it becomes a commercial transaction if it involves making profit and it would be illegal.
