N12.5bn Alleged Fraud: EFCC Drags Businessman, Company Before Lagos Court

The EFCC has brought a businessman, Adonu Kingsley Ifeanyi, and his company, S Mobile Netzone Limited, before the Federal High Court in Lagos over an alleged N12.56 billion financial fraud.

The defendants appeared before Justice J. Bogoro at the Federal High Court, Ikoyi, on Monday, November 2, 2026, following their arraignment by the Commission’s Lagos Zonal Directorate 1.

They were arraigned on a five-count charge bordering on obtaining money by false pretence and stealing under the Money Laundering (Prohibition) Act, 2011, as amended.
One of the charges accused Adonu of taking possession of N1.248 billion through an account operated in the name of S Mobile Netzone Limited between June 2021 and October 2022, allegedly knowing that the funds were proceeds of unlawful activities.
The EFCC also alleged that he received N6.791 billion through the company’s bank account between January 2020 and April 2022, knowing that the money was proceeds of stealing.

The Commission said the alleged offences violate Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended, and attract punishment under Section 15(3) of the legislation.

When the charges were read to the defendants, they pleaded not guilty.
Following the plea, prosecution counsel, Suleiman I. Suleiman, asked the court to schedule the matter for trial.

Justice Bogoro granted the application and admitted the defendant to bail under the same terms and conditions earlier stipulated by Justice C. J. Aneke in a ruling delivered on July 8, 2025.
The court subsequently adjourned the matter until February 11, 2026, for trial.