A Federal High Court in Ikoyi on Friday heard that suspected internet fraudster Ismaila Mustapha, alias Mompha, has a bank account balance of only N598,000.
The internet celebrity is facing 14 counts of alleged fraud, money laundering and running a foreign exchange business without the authorisation of the Central Bank of Nigeria . She said for the CBN to licence a firm as a BDC operator, such firm must show evidence of incorporation as a limited liability company by the Corporate Affairs Commission .When the defence counsel, Oyewole, asked her whether it was unlawful for an individual who has foreign currency in his domiciliary account to give foreign currency to a friend in exchange for naira, the CBN official said it would not be unlawful if it was not a commercial transaction.
“After negotiation with Ismalob Global Investment Limited through Alhaji Mohammed, he usually made payment into my account through Ismalob,” Okafor said.
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