EFCC arraigns man, company for N12.5bn fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned Adonu Kingsley Ifeanyi and his company, S Mobile Netzone Limited, for alleged N12.5 billion fraud.

In a statement on Monday, EFCC spokesperson Dele Oyewale said the defendants appeared before trial judge Yellim Bogoro of the Federal High Court in Lagos.

The statement noted that he faces five counts of obtaining money by false pretence and stealing.

The commission put the amount involved at N12,556,837,842.

S Mobile Netzone Limited was among 58 companies the EFCC named in March 2025 in a public alert on alleged illegal investment schemes.

The commission warned Nigerians against dealing with the companies, saying they were not registered with the Central Bank of Nigeria or the Securities and Exchange Commission.

According to one count, Mr Ifeanyi received N1.24 billion through a bank account belonging to the company between 4 June 2021 and 31 October 2022.

The EFCC alleged that he knew the money was part of proceeds of unlawful activity involving obtaining money by false pretence.

In another count, he was accused of receiving N6.79 billion through the same account between 15 January 2020 and 14 April 2022, knowing that the money was proceeds of stealing.

The defendants pleaded not guilty to all five counts.

Following their pleas, prosecution lawyer, Suleiman I. Suleiman, asked the court to fix a date for trial.

Mr Bogoro granted the request and admitted the defendants to bail on the same terms and conditions earlier granted by another judge C. J. Aneke on 8 July 2025.