The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has arraigned an alleged Ponzi scheme operator, Adonu Kingsley Ifeanyi, before Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos.
Adonu was docked on Thursday, June 19, 2025, on a five-count charge bordering on money laundering involving a staggering sum of N10 billion.
One of the charges reads:
“That you, ADONU KINGSLEY IFEANYI, between 4th June, 2021 and 23rd July, 2021, in Lagos within the jurisdiction of this Honourable Court, did take possession of the total sum of N1,076,337,842 (One Billion, Seventy-Six Million, Three Hundred and Thirty-Seven Thousand, Eight Hundred and Forty-Two Naira) through a bank account with account name ‘http://S.Mobile Netzone Limited’ domiciled in Fidelity Bank Plc., which sum you knew forms part of the proceeds of your unlawful activity to wit: stealing; and you thereby committed an offence contrary to Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under Section 15 (3) of the same Act.”
The defendant pleaded “not guilty” to all the charges.
Following his plea, prosecution counsel, S.I. Suleiman, requested a trial date and asked the court to remand the defendant in the custody of the Nigerian Correctional Services (NCoS) pending the commencement of trial.
However, defense counsel, Chibuike Opara, urged the court to remand Adonu in EFCC custody pending the determination of his bail application. Suleiman opposed the request, citing that the Correctional Center was the proper place for remand after arraignment.
Justice Aneke ruled in favor of the prosecution and ordered that the defendant be remanded at the Ikoyi Custodial Centre of the NCoS.
The case was adjourned to July 4, 2025, for hearing of the bail application.