A prosecution witness, Peter Ademola Adegoke, a Compliance Officer
with
Fidelity Bank Plc, on Friday told Justice Abdullai Liman of the Federal
High Court 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 N33 billion.
Adegoke, told the judge that evidence showed that Mompha was the
sole signatory to Ismalob Global’s naira account.
Reading from the firm’s statement of account, Adegoke told the
court that between 2015 and October 2019, there was a total inflow of N18.5bn
into the account, while a total of about N18bn moved out within the same
period.
He said the account had a balance of N598,000.
At today’s sitting, the first prosecution witness, PW1, Anne
Nnenna Ezekannagha, a Manager 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 operator.
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.”
She said for the CBN to licence a firm as a BDC operator, such
firm must show evidence of incorporation as a limited liability company by the
Corporate Affairs Commission.
She explained that all licensed BDCs have a transaction limit of
$5,000.
When the defence counsel, Gboyega Oyewole SAN, asked her whether
it was unlawful for an individual who has foreign currency in his domiciliary
account to give foreign currency to a friend in exchange for naira, the CBN official
said it would not be unlawful if it was not a commercial transaction.
She said it becomes a commercial transaction if it involves
making profit and it would be illegal.
A Benin City-based BDC operator, Ikenna Okafor, who testified as
another prosecution witness, told the court that he did business with Ismalob
Global Investment Limited through “one of its directors, Alhaji Ahmadu
Mohammed.”
Okafor said Mohammed used to come to his base in Benin, Edo
State, to buy Euro in the name of Ismalob Global Investment Limited.
“After negotiation with Ismalob Global Investment Limited
through Alhaji Mohammed, he usually makes payment into my account through
Ismalob,” Okafor said.
Under cross-examination by Oyewole, Okafor said he met Mompha
for the first time three days ago at the EFCC office in Ikoyi.
The BDC operator said he was himself detained for seven days by
the EFCC before being released on an administrative bail during the week.
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