An Ikeja Special Offences Court on Monday reduced the bail sum of Instagram celebrity, Ismaila Mustapha aka Mompha, from N200 million to N25 million.
Mompha is accused of laundering ₦6 billion.
Justice Mojisola Dada made the ruling following a prayer by the defence counsel, Gboyega Oyewole (SAN), and a submission by prosecution counsel, Rotimi Oyedepo.
Dada had on January 18 granted Mompha bail in the sum of N200 million and two sureties.
However, on Monday, she ruled that “the defendant is admitted to bail of N25 million with two sureties in like sum. One of the sureties must have a landed property worth N50 million within the court’s jurisdiction.
“The defendant shall be temporarily released to defence counsel only for two weeks pending perfection of the bail conditions. Defence counsel should also write an undertaking to that effect.”
Mompha and his company, Ismalob Global Investment Ltd., were arraigned on an eight-count charge by l the Economic and Financial Crimes Commission on January 12.
The charges include conspiracy to launder funds obtained through unlawful activity and laundering of funds obtained through unlawful activity among others.
The court adjourned the case until April 6 for progress report on perfection of bail conditions.