KEY POINTS
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EFCC arraigned Adonu Kingsley Ifeanyi and S Mobile Netzone over alleged ₦12.56bn fraud.
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The defendants face five counts involving alleged false pretence, stealing and money laundering.
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Both defendants pleaded not guilty and were granted bail on previously imposed conditions.
The Economic and Financial Crimes Commission, EFCC, has arraigned businessman Adonu Kingsley Ifeanyi and his company, S Mobile Netzone Limited, before the Federal High Court in Lagos over an alleged ₦12.56 billion fraud involving accusations of obtaining money by false pretence and stealing.
The defendants were arraigned on Monday, November 2, 2026, by the EFCC’s Lagos Zonal Directorate 1, Ikoyi, before Justice J. Bogoro of the Federal High Court in Lagos.
They are facing a five-count charge over the alleged unlawful handling of ₦12,556,837,842, with the prosecution accusing them of offences relating to obtaining money by false pretence, stealing and handling proceeds of unlawful activities.
The commission said the charges were brought under the Money Laundering (Prohibition) Act, 2011, as amended.
The allegations concern transactions carried out through bank accounts bearing the name of S Mobile Netzone Limited over several years.
EFCC details alleged transactions
One of the charges alleges that Ifeanyi took possession of ₦1.248 billion through an account belonging to S Mobile Netzone Limited between June 4, 2021, and October 31, 2022.
According to the EFCC, the funds were allegedly proceeds of unlawful activity linked to obtaining money by false pretence.
Another count accuses the businessman of receiving ₦6.791 billion through the company’s bank account between January 15, 2020, and April 14, 2022. The commission alleges that the money was connected to proceeds of stealing.
The EFCC said the alleged conduct contravened Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011, as amended, and is punishable under Section 15(3) of the legislation.
The charges form part of the commission’s case against the businessman and his company over the alleged movement and possession of funds suspected to have originated from unlawful activities.
Defendants plead not guilty, receive bail
When the five-count charge was read to the defendants in court, Ifeanyi and S Mobile Netzone Limited pleaded not guilty to all the allegations.
Following their pleas, prosecution counsel Suleiman I. Suleiman asked the court to schedule the case for trial.
Justice Bogoro subsequently granted the prosecution’s application and admitted the defendants to bail on the same terms and conditions previously imposed by Justice C. J. Aneke on July 8, 2025.
The court then adjourned the case until February 11, 2026, for the commencement of trial, according to the report.
The allegations have yet to be established in court, and the defendants’ pleas of not guilty mean the case remains subject to judicial determination.
