EFCC araigns Sarumi Babafemi, three firms Over Alleged N206m Fraud

The Economic and Financial Crimes Commission (EFCC) has brought charges against Sarumi Babafemi, a known associate of socialite Ismaila Mustapha, popularly called Mompha, over an alleged N206 million fraud.

Babafemi, who is the chief executive officer of 606 Autos Limited, was arraigned on Tuesday before Justice Ramon Oshodi at the Special Offences Court sitting in Ikeja, Lagos. He was charged alongside three companies: 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited.

According to the EFCC, Babafemi conspired with Mompha, Ridwan Momodu Allison—also known as Osama—and one Richard Ugbah between 2013 and 2018 in Lagos to use the companies to disguise the source of illicit funds. Mompha and Allison are currently said to be at large.

The anti-graft agency further alleged that Babafemi transferred N37.6 million to Omojadesola Shittu Allison, despite allegedly knowing or having reasonable grounds to believe that the funds were proceeds of unlawful activities.

Babafemi pleaded not guilty to all six counts filed against him.

Following the plea, prosecuting counsel Ayanfe Ogunsina requested a trial date and asked the court to remand the defendant in a correctional facility. However, Babafemi’s counsel, Kunle Adegoke, informed the court that he had received the charges only a day earlier and had since filed a bail application.

Adegoke appealed to the court to release his client to him, assuring that Babafemi would be produced in court on the next adjourned date.

Justice Oshodi granted the bail application, ordering that Babafemi be released to his counsel upon submission of an affidavit of undertaking to ensure his appearance in court. The case was adjourned to March 24 for the commencement of trial.

Babafemi and the three companies had previously been arraigned by the EFCC in November 2019 over alleged N207.1 million money laundering, after which he was remanded at the Ikoyi Correctional Centre.