The Economic and Financial Crimes Commission (EFCC) has informed a Lagos High Court in Ikeja that N30 billion, suspected to be proceeds of crime, were channeled through the account of alleged internet celebrity Ismaila Mustapha, popularly known as Mompha.

This revelation was made by Idi Musa, a staff member of the Land and Property Fraud Unit at the EFCC’s Lagos office, during his testimony on Monday before Justice Mojisola Dada. Musa detailed how Mompha and his company, Ismalob Global Investment Limited, were implicated in advance fee fraud and other related offenses.

The defendants face an eight-count charge, including conspiracy to launder funds from unlawful activities, retention of proceeds from criminal conduct, and possession of documents containing false pretenses.

The EFCC specifically alleges that in 2016, Ismaila Mustapha, Ahmadu Mohammed (currently at large), and Ismalob Global Investment Limited conspired to conduct financial transactions amounting to nearly N6 billion, intending to promote specified unlawful activities, such as obtaining money by false pretenses.

Another charge states that on January 28, 2019, in Lagos, Mustapha conducted a financial transaction involving N32 million, with the intent to promote the activities of one Olayinka Jimoh, also known as Nappy Boy, through unlawful means, including obtaining money by false pretenses.

During Monday’s proceedings, Musa testified as the sixth prosecution witness, detailing the forensic analysis conducted in collaboration with the FBI, which indicated that N30 billion passed through Mustapha’s account at Fidelity Bank. Additionally, about N5 billion was linked to an account at Zenith Bank connected to the second defendant.

Under cross-examination by the prosecution counsel, Suleiman Suleiman, Musa recounted how Mustapha claimed to operate an unlicensed Bureau De Change and was unaware of the legal implications. He further explained that Mustapha’s iPhone 8 was seized during his arrest on an Emirate flight on October 18, 2019, as he attempted to flee Nigeria. Analysis of the phone revealed fraudulent content, including a transfer of $92,412.75 from an Intercontinental Dairy facility.

Musa explained that the FBI confirmed the transfer was fraudulent, with the email account of a Select Milk Company staff member hacked, leading to the transfer of funds to a fraudulent account. Despite efforts, only $80,000 was recovered, with $12,412.75 still missing.

Further investigation revealed suspicious transactions in the second defendant’s Zenith Bank account, with Olayinka Jimoh (Nappy Boy) identified as a beneficiary. Jimoh confessed to being involved in internet fraud and having met Mustapha in Dubai, where he was introduced to the scheme of transferring money for Yahoo Boys.

Musa testified that Jimoh’s account was used to transfer proceeds of crime, including over N212 million received from Mustapha. He also mentioned that a major creditor, Hassan Zein, a Lebanese businessman in Kano, sourced dollars from a contact for his business and transferred Naira equivalents to Jimoh.

The EFCC registered all items and properties recovered from the defendants, except for the phone, which was released to Mustapha by court order. The court admitted the first defendant’s statement and asset declaration form as exhibits.

Defense counsel Kolawole Salami requested more time to review the exhibits before proceeding with cross-examination. Justice Dada adjourned the trial until October 8, 2024, after the court’s annual vacation.