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Money laundering

Jun 1, 2026

FRN vs Ismaila Mustapha (Mompha) & 1 other

Ismaila Mustapha
& 1 other

N5,998,884,653.18
Amount allegedly laundered

Case Summary
The accused person, his company and one Adamu Mohammed who is at large were alleged to have conspired amongst themselves to conduct financial transactions with the intent of promoting and carrying a specified unlawful activity by obtaining under false pretence, and failure to furnish any information in relation to his interest in expensive wristwatches and other movable assets: ROLEX OYSTER PERPETUAL WRISTWATCH, AUDEMARS PIGUET WRISTWATCH, AUDEMARS PIGUET-J46220 WRISTWATCH, XY HUBLOT-1321920 WRISTWATCH, XY HUBLOT-924206 WRISTWATCH and iPhone 8 worth over N70,000,000.00 (Seventy Million Naira), as required in page 10 of the Declaration of Assets Form. He is further accused of using a false document titled "SELECT MILK PRODUCER J.P. Morgan", to defraud Continental Diary Facilitate Southwest LLC., and colluding with one Olayinka Jimoh (aka Nappy Boy) to retain an aggregate sum of N52,000,000 between January 28, 2019 and February 11, 2019, believed to be proceeds of criminal conducts.

1,601
Day(s) since arraignment

Case Update
The defence counsel informed the court that the defendants had filed an application seeking leave of the court to appeal the court’s ruling delivered on November 4, 2025, which dismissed their no-case submission. The prosecution, however, told the court that the case was scheduled for the defence to open its case and was unaware of the defence’s application. The prosecution opposed the application and urged the court to direct the defendants to proceed with their defence. Thereafter, the trial judge directed the defence to proceed with their case, noting that filing an appeal is a constitutional right of the defendants.

Hon. Justice M. A. Dada
State High Court, Ikeja, Lagos

ACJA/ACJL Compliance - complied

Case Information

Ismaila Mustapha & 1 other

Presiding Judge & Designated Court

Hon. Justice M. A. Dada, State High Court, Ikeja, Lagos

Nature and Number of Charges

8-count charge bordering on conspiracy to launder funds obtained through unlawful activities, retention of proceeds of criminal conduct, laundering of funds obtained through unlawful activities, failure to disclose assets and property, possession of documents containing false pretence and use of property derived from an unlawful act.

Date of 1st Arraignment

Jan 12, 2022

Summary of Case

The accused person, his company and one Adamu Mohammed who is at large were alleged to have conspired amongst themselves to conduct financial transactions with the intent of promoting and carrying a specified unlawful activity by obtaining under false pretence, and failure to furnish any information in relation to his interest in expensive wristwatches and other movable assets: ROLEX OYSTER PERPETUAL WRISTWATCH, AUDEMARS PIGUET WRISTWATCH, AUDEMARS PIGUET-J46220 WRISTWATCH, XY HUBLOT-1321920 WRISTWATCH, XY HUBLOT-924206 WRISTWATCH and iPhone 8 worth over N70,000,000.00 (Seventy Million Naira), as required in page 10 of the Declaration of Assets Form. He is further accused of using a false document titled "SELECT MILK PRODUCER J.P. Morgan", to defraud Continental Diary Facilitate Southwest LLC., and colluding with one Olayinka Jimoh (aka Nappy Boy) to retain an aggregate sum of N52,000,000 between January 28, 2019 and February 11, 2019, believed to be proceeds of criminal conducts.

Defendant(s) and Plea entered on Arraignment

1. Ismaila Mustapha – Not guilty

2. Ismalob Global Investments Limited (Company) – Not guilty

Defence Counsel(s)

1. Gboyega Oyewole (Senior Advocate of Nigeria)

Prosecuting Agency

Economic and Financial Crimes Commission

Prosecutor(s)

1. Rotimi Oyedepo (Senior Advocate of Nigeria)

Status of Case

On Trial

Stage of Trial

Prosecution Stage

Length of Trial

1,601 day(s)

Case Update

The defence counsel informed the court that the defendants had filed an application seeking leave of the court to appeal the court’s ruling delivered on November 4, 2025, which dismissed their no-case submission. The prosecution, however, told the court that the case was scheduled for the defence to open its case and was unaware of the defence’s application. The prosecution opposed the application and urged the court to direct the defendants to proceed with their defence. Thereafter, the trial judge directed the defence to proceed with their case, noting that filing an appeal is a constitutional right of the defendants.

ACJA/ACJL Compliance

Complied