EFCC arraigns Mompha associate Sarumi Babafemi for N206m fraud in Lagos; trial set for March 24, 2026

The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, arraigned Sarumi Samusudeen Babafemi, Managing Director of 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited, before Justice Rahman Oshodi of the Special Offences Court, Ikeja, on charges of alleged N206,000,000 fraud.

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Babafemi and his companies face a five-count charge of conspiracy, concealment, and transfer of proceeds of crime, contrary to Section 332(1) of the Criminal Law of Lagos State, 2011.

Prosecutors allege he conspired with Ismail Mustapha (Mompha), Ridwan Momodu Allison (Osama), and Richard Ugbah between 2013 and 2018 to divert funds through corporate accounts, transferring N37.6 million to Omojadesola Shittu Allison and N93 million to Olanrewaju Ibrahim Oriyomi.

The defendant pleaded not guilty. Prosecution counsel Ayanfe Ogunsina requested his remand pending trial, while defence counsel Kunle Adegoke, SAN, secured Babafemi’s release on bail, assuring the court he would appear on the next hearing date.

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Justice Oshodi adjourned the case to 24 March 2026 for the commencement of trial. Observers note the case underscores EFCC’s focus on high-profile financial crimes and corporate accountability in Nigeria.