The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Samusideen Babafemi, a known associate of social media personality Ismail Mustapha (popularly called Mompha), along with three of his companies, on charges related to an alleged ₦206 million fraud.
The arraignment took place on Tuesday, January 20, 2026, before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos. Babafemi appeared alongside his firms: 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited.
The defendants face a five-count charge accusing them of conspiracy, concealment, and transfer of proceeds of crime, in violation of Section 332(1) of the Criminal Law of Lagos State, 2011, and punishable under Section 332(3) of the same law.
According to the EFCC, Babafemi, as Managing Director and CEO of the companies, allegedly conspired with Mompha (who remains at large), Ridwan Momodu Allison (also known as Osama, at large), and Richard Ugbah to use the companies to hide the source of illicit funds between 2013 and 2018.
Specific allegations include:
Transferring ₦37.6 million to Omojadesola Shittu Allison, knowing or having reasonable grounds to believe the money was proceeds of an unlawful act.
Using company accounts to conceal the origin of funds and transferring ₦93 million to Olanrewaju Ibrahim Oriyomi between 2015 and 2018, similarly aware of its illicit nature.
Babafemi pleaded not guilty to all counts when the charges were read to him.Prosecuting counsel Ayanfe Ogunsina requested a trial date and asked for the defendant's remand in a correctional facility pending trial.
Defense counsel Kunle Adegoke (SAN) opposed this, noting he had received the charge sheet only the previous day and had prepared a bail application overnight.
He assured the court that Babafemi would appear for future proceedings if released to him.Justice Oshodi granted the bail request, ordering Babafemi's release to his counsel upon filing an affidavit of undertaking to produce him in court as required.
The case has been adjourned to March 24, 2026, for the start of trial.
This development follows previous EFCC actions against individuals linked to Mompha in money laundering and fraud cases, highlighting ongoing efforts to tackle financial crimes involving alleged proceeds from unlawful activities.
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