The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Samusudeen Babafemi, an associate of social media influencer Ismail Mustapha, popularly known as Mompha, over an alleged N206 million fraud.
Babafemi, alongside three companies — 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited — was arraigned before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, on Tuesday, January 20, 2026. The EFCC Lagos Zonal Directorate 1 presented a five-count charge accusing Babafemi of conspiracy, concealment, and transfer of proceeds of crime, contrary to Section 332(1) and punishable under Section 332(3) of the Criminal Law of Lagos State, 2011.
Investigations by the EFCC revealed that Babafemi, who served as Managing Director and CEO of the companies, allegedly used the entities to launder funds suspected to be proceeds of unlawful activities between 2013 and 2018. One of the counts accused him of conspiring with Mompha, Ridwan Momodu Allison (both at large), and Richard Ugbah to conceal and transfer N37.6 million to Omojadesola Shittu Allison. Another count alleged that Babafemi transferred N93 million to Olanrewaju Ibrahim Oriyomi, knowing the funds were illegally obtained.
When the charges were read, Babafemi pleaded not guilty. The prosecution requested that he be remanded in a correctional facility and asked the court to fix a trial date. However, Babafemi’s defence counsel, Kunle Adegoke, SAN, informed the court that he had just received the charges and had prepared a bail application overnight. He urged the court to release Babafemi to him with an affidavit of undertaking to ensure his appearance in court.
Justice Oshodi granted the application, and Babafemi was released to his counsel. The trial was adjourned to March 24 for commencement.
