The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos on Monday, November 2, 2026, arraigned one Adonu Kingsley Ifeanyi and his company, ‘S Mobile Netzone Limited, before Justice J. Bogoro of the Federal High Court, Ikoyi, Lagos, for their alleged involvement in N12,556,837,842.00 (Twelve Billion, Five Hundred and Fifty-Six Million, Eight Hundred and Thirty-Seven Thousand, Eight Hundred and Forty-Two Naira) fraud.
The defendants were arraigned on a five-count charge bordering on obtaining by false pretence 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 and Stealing, contrary to Section 15(2) (d) of the Money Laundering Prohibition Act, 2011 as amended.
Count one reads: “That you Adonu Kingsley Ifeanyi between 4th June,2021 and 31st October,2022,in Lagos within the jurisdiction of this Honourable court did take possession of the total sum of N1,248,237,842(One Billion,Two Hundred and Forty Eight Million, Two Hundred and Thirty Seven Thousand, Eight Hundred and Forty Two Naira) through a bank account with account name “S. Mobile Netzone Limited “which sum you knew forms part of the proceeds of your unlawful activity to wit: obtaining by false pretence.
Another count reads: “That you Adonu Kingsley Ifeanyi between 15th January,2020 and 14th April 2022,in Lagos within the Jurisdiction of this Honourable court did take possession of the total sum of N6,791,500,000.00(Six Billion, Seven Hundred and Ninety One Million, Five Hundred Thousand) through a bank account with account name “S. Mobile Netzone Limited” which sum you knew formed part of the proceed 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 defendants pleaded ‘not guilty’ when the charges were read to them.
In view of their pleas, prosecution counsel, Suleiman. I. Suleiman urged the court to fix a date for trial.
Justice Bogoro granted the prosecution’s application and granted the defendant bail on the same terms and conditions given by Justice C.J Aneke on July 8, 2025.
The case was subsequently adjourned till February 11, 2026, for the commencement of trial.
