By: ABC News Nigeria
The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman, Adonu Kingsley Ifeanyi, and his company, S Mobile Netzone Limited, over an alleged ₦12.5 billion fraud before the Federal High Court in Lagos.
The defendants appeared before Justice J. Bogoro at the Federal High Court, Ikoyi, on Monday, November 2, 2026, to answer a five-count charge bordering on obtaining by false pretence and stealing.
The charges involve an alleged sum of ₦12,556,837,842, which the EFCC accused the defendants of handling as proceeds of unlawful activities.
According to the anti-graft agency, one of the charges alleged that Ifeanyi, between June 4, 2021, and October 31, 2022, took possession of ₦1.248 billion through a bank account belonging to S Mobile Netzone Limited, knowing that the funds were allegedly proceeds of obtaining money by false pretence.
Another count accused him of receiving ₦6.791 billion through the company’s bank account between January 15, 2020, and April 14, 2022, allegedly knowing that the money was proceeds of stealing.
The EFCC said the alleged offences contravened provisions of the Money Laundering (Prohibition) Act, 2011, as amended.
However, both defendants pleaded not guilty to all the charges when they were read in court.
Following their pleas, prosecution counsel, Suleiman I. Suleiman, urged the court to fix a date for the commencement of trial.
Justice Bogoro granted the prosecution’s request and admitted the defendant to bail on the same terms and conditions earlier granted by Justice C. J. Aneke on July 8, 2025.
The court subsequently adjourned the matter until February 11, 2026, for the commencement of trial.
The defendants are presumed innocent until proven guilty by a court of competent jurisdiction.
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