The Economic and Financial Crimes Commission (EFCC) on Tuesday, January 20, 2026, arraigned Sarumi Samusudeen Babafemi, an associate of the embattled socialite Ismail Mustapha popularly known as Mompha, over an alleged ₦206 million fraud.
Babafemi appeared before Justice Rahman Oshodi at the Special Offences Court in Ikeja, alongside his three firms, 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited. The defendants face a five-count charge involving conspiracy, concealment, and the transfer of proceeds of crime, contrary to Section 332(1) of the Criminal Law of Lagos State, 2011, and punishable under Section 332(3) of the same law.
The EFCC alleges that between 2013 and 2018, Babafemi conspired with Mompha and others currently at large to launder funds through his companies. Specifically, the prosecution noted a ₦37.6 million transfer to one Omojadesola Shittu Allison and a ₦93 million transfer to Olanrewaju Ibrahim Oriyomi. The EFCC claims were known to be proceeds of unlawful activity.
Babafemi pleaded not guilty to all charges. While the prosecution sought his remand in a correctional center, the defense counsel, Kunle Adegoke, SAN, successfully argued for his temporary release. Justice Oshodi granted the application, releasing Babafemi to his counsel pending the filing of an affidavit of undertaking.
The trial is set to commence on March 24, 2026 as it was adjourned for final commencement.
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