The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Babafemi, the chief executive officer (CEO) of 606 Autos Limited, over an alleged N206 million fraud.
Babafemi was arraigned on Tuesday before Ramon Oshodi, the trial judge at the special offences court in Ikeja, alongside his three companies.
The companies are 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited.
Babafemi is one of the associates of Ismaila Mustapha, the socialite better known as Mompha, who is also facing charges over alleged fraud.
The anti-graft agency alleged that Babafemi, as the CEO and managing director of the three companies, conspired with Mompha and Ridwan Momodu Allison, popularly known as Osama, both currently at large, and one Richard Ugbah between 2013 and 2018 in Lagos to use the firms to conceal the origin of illicit funds.
The EFCC alleged that Babafemi transferred N37.6 million to one Omojadesola Shittu Allison, “knowing or having reasonable grounds to know that the funds formed part of the proceeds of an unlawful act”.
Babafemi pleaded not guilty to all the six charges preferred against him.
THE BAIL APPLICATION
After Babafemi took his plea, Ayanfe Ogunsina, the prosecution counsel, urged the court to fix a date for the commencement of trial.
Ogunsina asked the court to remand the defendant in a correctional centre.
However, Kunle Adegoke, defence counsel, told the court that he received the charge a day earlier and worked overnight to prepare a bail application, which had been filed.
Adegoke urged the court to release his client to him, adding that he would produce the defendant on the next adjourned date.
The judge granted the bail application and ordered that the defendant be released to his counsel upon the filing of an affidavit of undertaking to produce him in court on the next adjourned date.
The case was adjourned to March 24 for the commencement of the trial.
In November 2019, EFCC arraigned Babafemi and his three companies over alleged N207.1 million money laundering.
Following his arraignment, he was remanded at the Ikoyi correctional centre.
