Dare Babalola
The Economic and Financial Crimes Commission (EFCC) has re-arraigned Sarumi Samusudeen Babafemi, the Managing Director and CEO of 606 Autos Limited, 606 Music Limited, and Splash Off Entertainment Limited, over alleged money laundering of N209 million.
Babafemi was initially arraigned on November 1, 2019, on a five-count charge bordering on money laundering and conspiracy to the tune of N207.1 million. He pleaded not guilty to the charges.
According to a statement posted via EFCC page on Tuesday, Babafemi allegedly transferred N37.6 million to Omojadesola Shittu Allison, N93 million to Olanrewaju Ibrahim Oriyomi, N1.5 million to Abiola Ayorinde, N25 million to Bartholomew Ezeudoka, and N50 million to Amobi Uchenna between 2013 and 2018.
“The EFCC accused him of laundering a total of N207.1m between 2013 and 2018,” said the prosecution counsel, A.B.C. Ozioko.
Babafemi’s defence counsel, Kunle Adegoke, SAN, had applied for bail, citing the bailable nature of the offence. However, the prosecution opposed the application, citing Babafemi’s antecedents.
Justice Chuka Obiozor of the Federal High Court in Ikoyi, Lagos, adjourned the case to March 24, 2026, for the commencement of trial.
The EFCC’s charges against Babafemi are informed by intelligence from the American Federal Bureau of Intelligence (FBI), which has also put him on its wanted list.
Babafemi is alleged to have used his companies to conceal the origin of funds and transferred proceeds of crime to various individuals.
The EFCC has vowed to continue investigating and prosecuting cases of financial crimes, emphasizing its commitment to fighting corruption.
