A Federal High Court sitting in Lagos has ordered the remand of Kingsley Ifeanyi Adonu at the Ikoyi Correctional Centre over an alleged N10,013,237,842 fraud.

Adonu, was arraigned before Justice Chukwujekwu Aneke on a five-count charge by the Economic and Financial Crimes Commission (EFCC) under charge number FHC/L/280c/2025.

According to the prosecution, Adonu, who operates under the company name S. Mobile Netzone Limited, allegedly claimed to be running a partnership with MTN Nigeria and used the pretence to defraud investors in a Ponzi-style scheme.

EFCC counsel, Suleiman Suleiman, told the court that the alleged offences were committed between June 4, 2021, and July 22, 2022. 

He said the defendant knowingly took possession of proceeds of unlawful activities, which were funnelled into bank accounts belonging to Setbiz Datalink Concept Limited.

The prosecutor stated that the offences contravene Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and are punishable under Section 15(3) of the same Act.

Adonu pleaded not guilty to all charges.

Following the plea, the prosecutor requested that the defendant be remanded in custody pending trial.

Defence counsel, Chibuike Opara, did not oppose the request for a trial date but urged the court to allow his client to remain in EFCC custody while a formal bail application is filed and heard.

The prosecutor objected, arguing that once arraigned, the appropriate place of detention is the Nigerian Correctional Service facility.

Justice Aneke ruled in favour of the prosecution and ordered that the defendant be remanded at the Ikoyi Custodial Centre. 

The case was adjourned to July 4, 2025, for hearing of the bail application.

The charges against the defendant read: “That you Adonu Kingsley Ifeanyi between 4th June, 2021 and 23rd 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’.

“That you Adonu Kingsley Ifeanyi between 2nd June, 2021 and 14th July, 2021, in Lagos within the jurisdiction of this honourable court did take possession of the total sum of N656,400,000.00 (six hundred and fifty six million, four hundred thousand Naira) through a bank account with account name ‘S.Mobile Netzone Limited 

“That you Adonu Kingsley Ifeanyi between 15th January, 2021 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 Naira) through a bank account with account name ‘S.Mobile Netzone Limited’ 

“That you Adonu Kingsley Ifeanyi between 23rd March, 2022 and 26th July, 2022, in Lagos within the jurisdiction of this honourable court did take possession of the total sum of N959, 000, 000.00 (nine hundred and fifty nine million Naira) through a bank account with account name ‘S.Mobile Netzone Limited.

“That you Adonu Kingsley Ifeanyi between 15th March, 2022 and 31st March, 2022, in Lagos within the jurisdiction of this honourable court did take possession of the total sum of N530, 000, 000 (five hundred and thirty million Naira) through a bank account with account name ‘Setbiz Datalink Concept Limited.”