Sarumi Samusideen Babafemi, chief executive officer of 606 Autos Limited, has been arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged ₦206 million fraud.
Babafemi was arraigned on Tuesday before Justice Ramon Oshodi of the Special Offences Court sitting in Ikeja, Lagos, alongside three companies — 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited.Geographic Reference
Sarumi Babafemi is an associate of socialite Ismaila Mustapha, popularly known as Mompha, who is also standing trial over alleged financial crimes.
According to the EFCC, Sarumi Babafemi, in his capacity as CEO and managing director of the three firms, allegedly conspired with Mompha and Ridwan Momodu Allison, also known as Osama, both currently at large, as well as one Richard Ugbah, between 2013 and 2018 in Lagos, to use the companies to conceal the origin of illicit funds.
The anti-graft agency further alleged that Babafemi transferred ₦37.6 million to one Omojadesola Shittu Allison, “knowing or having reasonable grounds to know that the funds formed part of the proceeds of an unlawful act.”
Count one reads: “That you, Sarumi Samusideen Babafemi, while being the Managing Director and Chief Executive Officer of 606 Autors Limited, 606 Music Limited, and Splash Off Entertainment Limited, conspired with Ismail Mustapha (a.k.a Mompha)now at large, Ridwan Momodu Allison (a.k.a Osama)now at large and Richard Ugbah sometime between 2013 and 2018 in Lagos, within the jurisdiction of this Honourable Court, used your companies to conceal the origin of funds and thereafter transferred the sum of N37,600,000.00( Thirty Seven Million, Six Hundred Thousand Naira) to one Omojadesola Shittu Allison, which you knew or reasonably ought to have known that such fund forms part of the proceeds of an unlawful act”.
Babafemi pleaded not guilty to the six-count charge.
Following his plea, the prosecution counsel, Ayanfe Ogunsina, urged the court to fix a date for the commencement of trial and requested that the defendant be remanded in a correctional facility.
However, defence counsel Kunle Adegoke informed the court that he had only received the charge a day earlier and worked overnight to file a bail application on behalf of his client. He urged the court to release Babafemi to him, undertaking to produce him on the next adjourned date.
Justice Oshodi granted the bail application and ordered that the defendant be released to his counsel upon the filing of an affidavit of undertaking to ensure his appearance in court.
The court adjourned the matter to March 24, 2026, for the commencement of trial.
Babafemi and the three companies were previously arraigned by the EFCC in November 2019 over alleged ₦207.1 million money laundering, after which he was remanded at the Ikoyi Correctional Centre.
