EFCC Arraigns Man, Company Over Alleged N12.5bn Fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Adonu Kingsley Ifeanyi, and his company, S Mobile Netzone Limited, over an alleged N12.5 billion fraud.
The defendants were arraigned on Monday, November 2, 2026, before Justice J. Bogoro of the Federal High Court, Ikoyi, Lagos, by the Lagos Zonal Directorate 1 of the EFCC.
They are facing a five-count charge bordering on obtaining by false pretence and stealing, involving the alleged sum of N12,556,837,842.
According to the charge, the defendants allegedly took possession of N1,248,237,842 between June 4, 2021, and October 31, 2022, through a bank account belonging to S Mobile Netzone Limited, knowing that the funds were proceeds of unlawful activities.
Another count alleged that Adonu, between January 15, 2020, and April 14, 2022, received N6,791,500,000 through the company’s bank account, knowing that the money constituted proceeds of stealing.
The alleged offences are said to contravene Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended, and are punishable under Section 15(3) of the same Act.
The defendants, however, pleaded not guilty to all the charges when they were read to them.
Following their pleas, EFCC prosecution counsel, Suleiman I. Suleiman, urged the court to fix a date for trial.
Justice Bogoro granted the prosecution’s request and admitted the defendant to bail on the same terms and conditions earlier granted by Justice C. J. Aneke on July 8, 2025.
The case was subsequently adjourned until February 11, 2026, for the commencement of trial.
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.
