A Lagos State Special Offences Court sitting in Ikeja has reserved judgment until October 15, 2026, in the alleged N6 billion money laundering case involving social media personality, Ismaila Mustapha.

Justice Mojisola Dada fixed the date after counsel for both the prosecution and defence adopted their final written addresses on Tuesday.

The Economic and Financial Crimes Commission had on January 12, 2022, arraigned Mustapha alongside his company, Ismalob Global Investment Limited, on an eight-count charge bordering on conspiracy to launder funds allegedly obtained through unlawful activities, retention of proceeds of criminal conduct, failure to disclose assets, and possession of documents containing false pretences.

According to one of the charges, Mustapha, one Ahmadu Mohammed, who is said to be at large, and Ismalob Global Investment Limited allegedly conspired in 2016 to conduct financial transactions amounting to N5,998,884,653.18 with the intent of promoting unlawful activities, including obtaining money by false pretence.

During the trial, the prosecution, led by S. I. Suleiman, called six witnesses and tendered several documentary exhibits before closing its case.

At Tuesday’s proceedings, defence counsel, Kolawole Salami argued that the prosecution failed to prove the allegations against his client beyond reasonable doubt. He maintained that Mustapha’s decision not to open a defence did not absolve the prosecution of its legal burden of proof.

Salami further submitted that the prosecution failed to establish the offences contained in counts one to six, particularly the allegation of obtaining by false pretence. He also argued that the defendant’s extra-judicial statement, admitted as Exhibit P5, did not prove the offences charged.

The defence lawyer added that none of the prosecution witnesses, especially the EFCC investigating officer, Idi Musa, provided either direct or circumstantial evidence capable of sustaining the conspiracy charge, urging the court to discharge and acquit the defendant.

Responding, prosecuting counsel S. I. Suleiman asked the court to dismiss the defence’s submissions and convict the defendants as charged, insisting that the prosecution had presented sufficient oral and documentary evidence to establish the offences.

He argued that the evidence before the court showed that the defendants allegedly made their bank accounts available to internet fraudsters to launder proceeds of fraudulent activities and submitted that a conviction would serve as a deterrent to others engaged in similar crimes.

After hearing arguments from both parties, Justice Dada adjourned the matter for judgment on October 15, 2026.

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