Nigeria, Jan. 21 -- The Economic and Financial Crimes Commission (EFCC), on Tuesday, arraigned Sarumi Babafemi over an alleged N206 million fraud, linking him to Ismail Mustapha, also known as Mompha, a high-profile businessman currently facing separate money laundering charges.

Mr Babafemi appeared before trial judge Rahman Oshodi of the Special Offences Court in Ikeja, Lagos, on Tuesday, alongside his companies - 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited. Together, the defendants face five counts of conspiracy, concealment, and transfer of proceeds of crime.

The charges, filed under Section 332(1) of the Criminal Law of Lagos State, 2011, and punishable under Section 332(3) of the same law, alleged tha...