Man and His Company Face Charges for N12.5 Billion Fraud in Lagos

The Economic and Financial Crimes Commission (EFCC) has brought charges against Adonu Kingsley Ifeanyi and his company, S Mobile Netzone Limited, over an alleged N12.5 billion fraud.

In a statement released on Monday, EFCC spokesperson Dele Oyewale said the defendants appeared before Judge Yellim Bogoro at the Federal High Court in Lagos.

The statement mentioned that Ifeanyi faces five counts of obtaining money under false pretenses and stealing.

The EFCC stated that the total amount involved is N12,556,837,842.

S Mobile Netzone Limited was listed among 58 companies in a public alert by the EFCC in March 2025. The alert warned Nigerians about these companies for their alleged illegal investment schemes.

The commission advised the public against dealing with these companies, stating they were not registered with the Central Bank of Nigeria or the Securities and Exchange Commission.

One of the counts alleges that Mr. Ifeanyi received N1.24 billion through a bank account belonging to his company between June 4, 2021, and October 31, 2022.

The EFCC claims he knew this money was part of the proceeds from unlawful activities related to obtaining money by false pretenses.

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

Both defendants pleaded not guilty to all five counts.

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

Judge Bogoro approved this request and granted bail to the defendants under the same conditions set by another judge, C. J. Aneke, on July 8, 2025.

The case has been adjourned for the trial to begin.