Nigerian popular business man Ismaila Mustapha, also known as Mompha, on Tuesday opted to be remanded at the Ikoyi Correctional Center in Lagos.

This is following his inability to meet the bail conditions imposed by an Ikeja Special Offences Court.

Mompha and his company, Ismalob Global Investment Ltd., were arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged N6 billion fraud on January 12.

The eight count charges are conspiracy to launder funds obtained through unlawful activity and laundering of funds obtained through unlawful activity. Others are retention of proceeds of criminal conduct, use of property derived from unlawful act, possession of document containing false pretence and failure to disclose assets and properties.

Justice Mojisola Dada, at the resumption of proceedings on Tuesday after hearing the submissions of defence counsel, Gboyega Oyewole and EFCC prosecutor, Rotimi Oyedepo, granted Mompha bail in “very strong terms.”

The applicant is granted bail in the sum of N200 million with two sureties in like sum. One of the sureties must have property valued at N100million within the jurisdiction of this honourable court. Both sureties must depose to an affidavit of means to allow the placement of a lien in their respective bank accounts, both sureties must be gainfully employed and resident within the jurisdiction of this court.

The sureties must provide proof of tax payment for the past three years. The applicant shall however be remanded in a Correctional Center of his choice pending the perfection of his bail,” Justice Dada said. Mompha, after consultation with his legal team opted to be remanded at the Ikoyi Correctional Center. The case was adjourned until March 28, 29 and April 4, 5 and 6 for commencement of trial.