LAGOS, NIGERIA — The Economic and Financial Crimes Commission (EFCC), has arraigned Sarumi Samusudeen Babafemi, an associate of social media personality Ismaila Mustapha (widely known as Mompha), over an alleged ₦206 million financial fraud.
Babafemi appeared before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos. He was docked alongside three of his corporate entities: 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited.
The defendants are facing a five-count charge centered on conspiracy, concealment, and the transfer of proceeds of crime.
According to the EFCC, these activities took place between 2013 and 2018 in Lagos. The prosecution alleged that the actions violate Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3).
According to count 1, Babafemi, as the CEO of the three firms, allegedly conspired with Mompha (who remains at large), Ridwan Momodu Allison (a.k.a. Osama, also at large), and Richard Ugbah to launder money.
The EFCC claimed the defendant transferred ₦37.6 million to one Omojadesola Shittu Allison and an additional ₦93 million to Olanrewaju Ibrahim Oriyomi through his companies' accounts, knowing the funds were criminal proceeds.
When the charges were read, Babafemi entered a plea of not guilty to all counts. Following the plea, the EFCC’s lead counsel, Ayanfe Ogunsina, requested a trial date and moved for the defendant to be remanded in a correctional facility pending the trial's outcome.
However, the defence counsel, Kunle Adegoke, SAN, countered the remand request. He informed the court that the charges were served only 24 hours prior and that he had worked through the night to prepare a bail application.
Adegoke made an oral appeal for the defendant to be released into his custody, pledging to ensure Babafemi’s presence at all future proceedings.
Justice Oshodi, in his ruling, exercised discretion in favour of the defence. He ordered that Babafemi be released to his legal counsel, provided an affidavit of undertaking is filed to guarantee his appearance in court.
The case has been adjourned until March 24, 2026, for the official commencement of the trial.
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