RismadarVoice Reporters
January 20, 2026
The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, arraigned an associate of socialite Ismail Mustapha, popularly known as Mompha, over an alleged N206 million fraud before the Special Offences Court sitting in Ikeja, Lagos.
The defendant, Sarumi Samusudeen Babafemi, was arraigned alongside three companies – 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited, before Justice Rahman Oshodi on a five-count charge bordering on conspiracy, concealment and transfer of proceeds of crime.
According to the EFCC, the alleged offences contravene Section 332(1) of the Criminal Law of Lagos State, 2011, and are punishable under Section 332(3) of the same law.
One of the charges alleged that Babafemi, while serving as Managing Director and Chief Executive Officer of the companies, conspired with Ismail Mustapha (Mompha), Ridwan Momodu Allison (also known as Osama), and Richard Ugbah, all currently at large, between 2013 and 2018 in Lagos to conceal the origin of illicit funds.
The prosecution further alleged that Babafemi used his companies to transfer the sum of N37.6 million to one Omojadesola Shittu Allison, knowing or having reasonable grounds to know that the funds were proceeds of unlawful activities.
Another count accused the defendant of using the companies’ accounts between 2015 and 2018 to conceal and transfer N93 million to one Olanrewaju Ibrahim Oriyomi, allegedly being proceeds of crime.
Babafemi pleaded “not guilty” to all the charges when they were read to him.
Following his plea, prosecution counsel, Ayanfe Ogunsina, urged the court to remand the defendant in a correctional facility, fix a date for the commencement of trial.
However, defence counsel, Kunle Adegoke, SAN, informed the court that he received the charge only a day earlier and had worked overnight to prepare a bail application, which was already being processed.
Adegoke appealed to the court to release the defendant to him, assuring that he would produce Babafemi on the next adjourned date.
Justice Oshodi granted the application and ordered that the defendant be released to his counsel upon the filing of an affidavit of undertaking to produce him in court when required.
The case was adjourned until March 24, 2026, for the commencement of trial.
