EFCC Arraigns Businessman Adonu Kingsley Ifeanyi and S Mobile Netzone Over Alleged N12.5bn Financial Scam

The Economic and Financial Crimes Commission (EFCC) has arraigned businessman Adonu Kingsley Ifeanyi alongside his company, S Mobile Netzone Limited, before the Federal High Court in Lagos over an alleged massive N12.5 billion fraud.
The defendants were docked before Justice J. Bogoro at the Ikoyi division of the court on a five-count charge bordering on obtaining money by false pretences, stealing, and money laundering involving transactions totaling N12,556,837,842.
According to the prosecution, the illicit transactions took place between 2020 and 2022. The charges detail how the defendants allegedly channeled billions in proceeds derived from unlawful activities and stealing through corporate bank accounts.
Following their not-guilty pleas, prosecution counsel Suleiman I. Suleiman requested a trial date. Justice Bogoro admitted the defendants to bail on the same terms and conditions previously imposed by Justice C.J. Aneke, subsequently adjourning the matter to February 11, 2027, for the commencement of trial.
“The defendants are facing a multi-count charge bordering on obtaining by false pretence and stealing involving N12,556,837,842... The court subsequently adjourned the case until February 11, 2027, for trial.”
— Court Proceedings

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