The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, January 20, 2026, arraigned Sarumi Samusudeen Babafemi for an alleged N206 million (Two Hundred and Six Million Naira) fraud before Justice Rahman Oshodi of the Special Offences Court sitting in Ikeja, Lagos.
Babafemi, alongside his companies—606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited—faced a five-count charge bordering on conspiracy, concealment, and transfer of proceeds of crime, contrary to Section 332(1) of the Criminal Law of Lagos State, 2011, and punishable under Section 332(3) of the same law.
Count one states:
“That you, Sarumi Samusudeen Babafemi, while being the Managing Director and Chief Executive Officer of 606 Autos 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 Omojadesola Shittu Allison, which you knew or reasonably ought to have known formed part of the proceeds of an unlawful act.”
Count two states:
“That you, Sarumi Samusudeen Babafemi, while being the Managing Director and Chief Executive Officer of 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited, sometime between 2015 and 2018 in Lagos, within the jurisdiction of this Honourable Court, used your company’s accounts to conceal the origin of funds and thereafter transferred the sum of N93,000,000.00 (Ninety-Three Million Naira) to Olanrewaju Ibrahim Oriyomi, which you knew or reasonably ought to have known formed part of the proceeds of an unlawful act.”
The defendant pleaded not guilty to all charges when they were read to him.
Prosecution counsel, Ayanfe Ogunsina, prayed the court to fix a date for the commencement of trial and urged that the defendant be remanded at a correctional centre.
Defence counsel, Kunle Adegoke, SAN, however, told the court that he had only received the charge the previous day and had worked overnight to prepare an application for bail. He assured the court that he would produce his client on the next adjourned date if released.
Justice Oshodi granted the application, ordering that Babafemi be released to his counsel upon filing an affidavit of undertaking to appear in court on the next adjourned date.
The matter was adjourned to March 24, 2026, for the commencement of trial.
