EFCC ARRAIGNS PONZI SCHEME OPERATOR OVER ALLEGED N10BN MONEY LAUNDERING
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By: Sefiu Ajape
The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned Adonu Kingsley Ifeanyi before the Federal High Court in Lagos over an alleged N10.01 billion money laundering scheme tied to a fraudulent Ponzi operation.
Ifeanyi, who reportedly fronted as an operator of a company named S. Mobile Netzone Limited, was brought before Justice Chukwujekwu Aneke on a five-count charge in suit No. FHC/L/280c/2025.
EFCC’s counsel, Suleiman I. Suleiman, told the court that the offences were committed between June 4, 2021, and July 22, 2022. The defendant, who allegedly claimed a partnership with MTN Nigeria, is accused of knowingly taking possession of funds suspected to be proceeds of unlawful activities.
The funds were allegedly laundered through accounts operated by S. Mobile Netzone Limited and Setbiz Datalink Concept Limited.
EFCC alleged that between June 4, 2021 and July 23, 2021, Ifeanyi took possession of the 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 the account name ‘S. Mobile Netzone Limited.
The Commission also stated that the defendant, between June 2 and July 14, 2021, also took possession of the sum of N656,400,000 through the same account.
He was further accused of taking possession of N6,791,500,000 between January 15, 2021, and April 14, 2022, through S. Mobile Netzone Limited’s account.
The anti-graft agency also told the court that Ifeanyi took possession of N959,000,000 between March 23 and July 26, 2022, via the same account.
EFCC said the defendant took possession of the sum of N530,000,000 between March 15 and March 31, 2022, through an account in the name Setbiz Datalink Concept Limited.
According to the prosecutor, the offences committed contravened Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and are punishable under Section 15(3) of the same Act.
One of the counts reads : ”That you ADONU KINGSLEY IFEANYI between 4″ June, 2021 and 23 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 ‘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.”
When the charges were read to Ifeanyi, he pleaded not guilty.
Following his plea, the prosecution asked the court to fix a trial date and requested that the defendant be remanded in the custody of the correctional centre, pending the commencement of the trial.
In response, defence counsel Chibuike Opara did not oppose the trial date but urged the court to remand his client at the EFCC detention facility until his bail application could be filed and determined.
However, Suleiman opposed the request, insisting that once a defendant is arraigned, the appropriate place of custody is the correctional centre.
In his ruling, Justice Aneke ordered that Ifeanyi be remanded at the Ikoyi Correctional Centre and adjourned the case to July 4, 2025, for hearing of the bail application.
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