The Economic and Financial Crimes Commission (EFCC) on Tuesday, dragged a businessman, Sarumi Babafemi, before an Ikeja Special Offences Court over alleged N206 million fraud.

Babafemi, an associate of social media celebrity, Ismail Mustapha (Mompha), was charged alongside his companies. 606 Autos Ltd, 606 Music Ltd and Splash Off Entertainment Ltd,

They are standing trial on a five-count charge bordering on conspiracy, concealment and transfer of proceeds of crime to the tune of N206 million.

EFCC alleged that the defendant, who is the Managing Director of the companies, conspired with Mompha, and two others, Ridwan Allison and Richard Ugbah, (still at large), to conceal the origin of funds, as well as transfer proceeds of unlawful activities.

The anti-graft agency alleged that the defendant, between 2013 and 2018 in Lagos, used his companies to conceal the origin of funds.

He alleged that the defendant also transferred the sum of N37.6 million to one Omojadesola Allison, knowing that the money formed part of crime the proceeds.

The prosecution said that the alleged offences contravened the provisions of sections 332(1) and 323(2) of the Criminal Law of Lagos State, 2011.

The prosecutor, Mr Ayanfe Ogunsina, urged the court to fix a date for commencement of trial, and urged the court to order the remand of the defendant at the correctional centre.

But defence counsel, Mr Kunle Adegoke (SAN), informed the court that he only received the charge the previous day, adding that he had worked overnight to prepare an application for bail.

He urged the court to release the defendant to him, with a pledge to produce him on the next adjourned date.

Justice Rahman Oshodi, consequently, granted the 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 court adjourned the case until March 24, for trial.