Nigerian Socialite Ismaila Mustapha popularly known as Mompha has been remanded in prison for not meeting bail conditions.
A sitting was held at the Ikoyi correctional center in Lagos, following his inability to meet the bail demands imposed by the Ikeja Offence Court.
Recall that Newsbreak had reported that Mompha and his Company, Ismalob Global investment limited were arraigned by the Economic and Financial Crime Commission (EFCC) over alleged N6 billion fraud on January 12.
He was charged with eight-count charges which are conspiracy to launder funds obtained through unlawful activities, retention of products of criminal conduct, Use of property obtained from unlawful act, possession of documents containing false pretense, and failure to disclose properties and assets.
However, Justice Mojisola Dada, at the resumption of proceedings on Tuesday after hearing the submission of defense by the counsel, Gboyega Oyewole and EFCC prosecutor Rotimi Oyedepo granted Mompha bail on very strong terms.
Mompha is to be granted bail in the sum of N200 million providing two sureties, one of the sureties must have properties worth N100 million within the jurisdiction of the honourable court. Both sureties must be employed and resident within the jurisdiction of the court, they must also provide proof of tax payment for the past three years.
Mompha will be remanded in the correctional center of his choice pending the perfection of his bail.
Justice Dada revealed that Mompha after consultation with his legal team opted to be remanded at the Ikoyi Correctional center.
However, the case has been adjourned till March and April.