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Mompha Does Not Have Licence To Operate BDC – Witness

A prosecution witness, Peter Ademola Adegoke, a Compliance Officer with a new generation bank on Friday, November 29, 2019, told Justice
Abdullai M. Liman of the Federal High Court sitting in Ikoyi, Lagos
how the sum of N18bn was paid into the account of a company, Ismalob
Global Investments, belonging to Ismaila Mustapha, also known as
Mompha.

Mompha was arraigned on November 25, 2019 on a 14-count charge
bordering on money laundering to the tune of N33bn.

At Friday sitting, the first prosecution witness, PW1, Anne Nnenna
Ezekannagha, a manger in the Customers Service Department of the
Central Bank of Nigeria, CBN, told the court that Mompha’s company,
Ismalob Ventures, was not registered with the CBN and that he did not
have the license to operate as a Bureau de Change.

Led in evidence by the prosecution counsel, Rotimi Oyedepo,
Ezekannagha further told the court that “We got a letter from the EFCC
on the activities of Ismalob Global Ventures.

“However, we have no history of the name with the CBN.”

In her further evidence, Ezekannagha told the court that any
commercial foreign exchange transaction that is not done via an
authorized dealer bank, authorized buyer and a BDC was against law.

In his testimony, Adegoke, who is the second prosecution witness, PW2,
told the court how the sum of over N18bn was paid into Ismalob’s
account on different occasions between December 2015 and October 2019.

When asked by the defence counsel, Gboyega Oyewole, SAN, if the bank,
at any time, reported the account for suspicious transactions,
Adegoke, responded in the affirmative, saying that the bank reported
the account to the Nigerian Financial Intelligence Unit, NFIU.

Under cross-examination by Oyewole, the PW2, however, stated that he
was not aware if the bank received a response from the NFIU.

Giving his evidence, the third prosecution witness PW3, Okafor Ikenna Ignatius, a Bureau de Change Operator, narrated to the court how one
of the Directors at Ismalob Global Ventures had interacted with him
on foreign exchange at his base in Benin, Edo State.

“One of the Directors at Ismalob Investments, Alhaji Ahmadu Mohammed,
used to come buy Euros from us in Benin.

“After negotiations, he would make payments into my account through
Ismalob account.

“I received over N300, 000,000 (Three Hundred Million Naira) from
Ismalob Investments into IK Global on foreign exchange negotiation,”
he told the court.

During today’s proceedings, the defence counsel, Oyewole, sought bail
for his client and also prayed the court to grant him bail on the most
liberal terms.

Oyewole told the court that his client “is not a flight risk and all
the claims by the EFCC were just speculative.”

In his response, Oyedepo submitted that “bail is at the discretion of the court.

“The defendant is still under investigation and he may tamper with the witnesses in the case.”

He, therefore, urged the court not to accede to the applications of
the defendant for bail.

Justice Liman admitted the defendant to bail in the sum of N100
Million and one surety in like sum.

The surety must have a landed property in Lagos, which will be
verified by the Deputy Chief Registrar of the court.

The defendant was also ordered to depose his passport with
the court and report at the EFCC every 14 days.

The matter was adjourned to January 8, 2020 for continuation of trial.

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