By Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, arraigned Sarumi Samusudeen Babafemi and his companies today , over an alleged fraud of N206 million. The case was brought before Justice Rahman Oshodi of the Special Offences Court in Ikeja, Lagos. Babafemi, alongside 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited, faces five count charges for conspiracy, concealment, and transferring proceeds of crime, in violation of Sections 332(1) and 332(3) of the Criminal Law of Lagos State, 2011.
According to the EFCC, Babafemi, while serving as Managing Director and CEO of the three companies, allegedly conspired with Ismail Mustapha (a.k.a Mompha), Ridwan Momodu Allison (a.k.a Osama), and Richard Ugbah between 2013 and 2018 to conceal the source of funds and transfer money derived from unlawful acts. Count one claims that N37.6 million was sent to Omojadesola Shittu Allison, while count two alleges N93 million was transferred to Olanrewaju Ibrahim Oriyomi.
When the charges were read, Babafemi pleaded “not guilty.” The prosecution requested that the court fix a trial date and remand him in a correctional centre. His defence counsel, Kunle Adegoke, SAN, said he had received the charges only the previous day and had prepared a bail application overnight. Justice Oshodi approved the bail, ordering that Babafemi be released to his counsel upon filing an affidavit of undertaking to appear in court for the next session.
The trial has been scheduled to begin on 24 March 2026.
