The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned Sarumi Samusudeen Babafemi, an associate of socialite Ismail Mustapha (a.k.a. Mompha), alongside three companies over an alleged ₦206 million fraud before the Lagos State Special Offences Court, Ikeja.
Babafemi, who is the Managing Director and CEO of 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited, was docked before Justice Rahman Oshodi on a five-count charge bordering on conspiracy, concealment and transfer of proceeds of crime, allegedly committed between 2013 and 2018.
According to the EFCC, Babafemi conspired with Mompha, Ridwan Momodu Allison (a.k.a. Osama) and Richard Ugbah, who are currently at large, to launder illicit funds through the companies.
One of the charges alleged that ₦37.6 million was transferred to Omojadesola Shittu Allison, while another count involved the transfer of ₦93 million to Olanrewaju Ibrahim Oriyomi, funds the defendant allegedly knew were proceeds of unlawful activities.
Babafemi pleaded not guilty to all the charges.
Following the plea, prosecution counsel Ayanfe Ogunsina requested a trial date and urged the court to remand the defendant in a correctional facility.
However, defence counsel Kunle Adegoke, SAN, told the court he had only received the charge a day earlier and had already initiated bail proceedings, asking that his client be released to him.
Justice Oshodi granted the request and ordered Babafemi’s release to his counsel upon the filing of an affidavit of undertaking to produce him in court. The case was adjourned to March 24, 2026, for the commencement of trial.
The EFCC said the charges are punishable under Section 332(3) of the Criminal Law of Lagos State, 2011.
