Reported by: Ijeoma G | Edited by: Gabriel Osa
Lagos, Nigeria — The Economic and Financial Crimes Commission (EFCC) has arraigned Sarumi Samusudeen Babafemi, a businessman widely associated with the nickname “606,” along with three of his corporate entities, on fresh fraud allegations before the Special Offences Court in Ikeja, Lagos. The defendants appeared before Justice Rahman Oshodi on Tuesday, 20 January 2026 on charges alleging conspiracy, concealment and transfer of proceeds of crime totalling N206,000,000 (Two Hundred and Six Million Naira).
According to court documents filed by the EFCC’s Lagos Zonal Directorate I, Babafemi is the Managing Director and Chief Executive Officer of 606 Autos Limited, 606 Music Limited and Splash Off Entertainment Limited — the corporate entities named alongside him in the five‑count charge. Prosecutors allege that between 2013 and 2018, Babafemi and associates used the corporate accounts of those firms to disguise the origin of illicit funds and funnel proceeds of unlawful activity through various transfers.
In Count One, the charge sheet alleges that Babafemi conspired with co‑suspects, including Ismail Mustapha (a.k.a. Mompha) — currently at large — and others, to transfer ₦37,600,000 to Omojadesola Shittu Allison, with knowledge or reasonable suspicion that the funds derived from crime. Count Two centres on a similar allegation involving the transfer of ₦93,000,000 to Olanrewaju Ibrahim Oriyomi under circumstances suggesting the proceeds were illicit.
When the charges were read in court, Babafemi entered a plea of “not guilty.” Following his assertion of innocence, Prosecution Counsel Ayanfe Ogunsina asked the court to set a trial date and remand the defendant at a correctional facility.
However, Defence Counsel Kunle Adegoke, SAN, explained that he received the charge only the previous day and had worked overnight to prepare a bail application. He urged the court to release Babafemi to his legal team, assuring the bench that the defendant would be produced at subsequent proceedings.
In response, Justice Oshodi granted the defence request, ordering that Babafemi be released to his counsel upon the filing of an affidavit of undertaking to ensure his appearance in court on the next scheduled session. The trial was adjourned to 24 March 2026 for commencement.
This latest EFCC prosecution continues a longstanding legal saga involving Babafemi and related companies, with previous cases alleging similar conduct related to money laundering and laundering of funds tied to wider financial crime networks. Earlier media accounts and historical filings indicate that Babafemi has been named in prior EFCC charges dating back several years — including allegations of laundering N207.1 million linked to broader fraud syndicates — although those matters have involved different court jurisdictions and judges over time.
Legal analysts say the current proceedings underscore the EFCC’s continued emphasis on pursuing cases involving alleged disguising and transfer of funds through corporate vehicles and ring‑fenced financial structures — particularly where such funds are suspected to have originated from organised criminal networks.
As the March trial date approaches, both prosecution and defence teams are expected to file relevant motions and evidence lists in advance, setting the stage for substantive hearings on the merits of the allegations against Babafemi and his associated firms.
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