EFCC Arraigns Two Businessmen, Firms Over Alleged N756m, $550,000 Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned two businessmen and their respective companies before courts in Lagos State over separate allegations of large-scale financial crimes involving N206 million and $550,000.
In the first case, the EFCC, through its Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, arraigned Sarumi Samusudeen Babafemi, an associate of social media personality Ismail Mustapha, popularly known as Mompha, alongside three companies—606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited—before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja.

Babafemi and the companies are facing a five-count charge bordering on conspiracy, concealment, and transfer of proceeds of crime amounting to N206 million, contrary to Section 332(1) of the Criminal Law of Lagos State, 2011.
According to the EFCC, Babafemi, while serving as the managing director and chief executive officer of the companies, allegedly conspired between 2013 and 2018 with Mompha, Ridwan Momodu Allison (also known as Osama), both said to be at large, and one Richard Ugbah, to conceal the origin of illicit funds.
One of the counts alleged that the defendants transferred N37.6 million to Omojadesola Shittu Allison, while another count accused them of concealing and transferring N93 million to Olanrewaju Ibrahim Oriyomi, funds believed to be proceeds of unlawful activities.
Babafemi pleaded not guilty to all the charges. Justice Oshodi granted his release to his counsel upon the filing of an affidavit of undertaking and adjourned the matter to March 24, 2026, for the commencement of trial.
In a separate but related case, the EFCC also arraigned businessman Wilson Opuwei and his company, Dateline Energy Services Ltd, before Justice Olubunmi Abike-Fadipe over an alleged $550,000 fraud linked to a kerosene supply transaction.
Opuwei was docked on a four-count charge bordering on obtaining by false pretences and stealing. The Commission alleged that sometime in April 2011, the defendants fraudulently obtained $550,000 from Prince Donatus Okonkwo under the guise of supplying 5,000 metric tonnes of Dual Purpose Kerosene (DPK) from the Petroleum Products Marketing Company (PPMC), a claim the EFCC said was false.
Opuwei also pleaded not guilty to the charges.
The prosecution informed the court that although the matter had reached the stage where the prosecution closed its case in 2015, the trial was ordered to begin afresh due to the elevation of successive judges and delays attributed to the defence.
Justice Abike-Fadipe ruled that Opuwei should continue on the bail earlier granted and adjourned the case to March 19, 30 and 31, as well as April 1 and 2, 2026, for trial.
(The Sun)