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From Riches to Courtroom: EFCC Hauls Ponzi Baron Over ₦10bn Money Laundering
The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned one Adonu Kingsley Ifeanyi before the Federal High Court in Lagos over an alleged ₦10.01 billion money laundering case tied to a fraudulent Ponzi scheme.....KINDLY READ THE FULL STORY HERE▶
Ifeanyi, who allegedly operated under a firm called S. Mobile Netzone Limited, was docked before Justice Chukwujekwu Aneke on a five-count charge filed under suit number FHC/L/280c/2025.
According to EFCC’s prosecuting counsel, Suleiman I. Suleiman, the offences were committed between June 4, 2021, and July 22, 2022, during which the defendant falsely claimed to be in partnership with telecom giant MTN Nigeria.
The EFCC alleged that Ifeanyi knowingly laundered proceeds of unlawful activity through two accounts linked to S. Mobile Netzone Limited and Setbiz Datalink Concept Limited.
The breakdown of the alleged transactions includes:
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₦1,076,337,842 between June 4 and July 23, 2021
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₦656,400,000 between June 2 and July 14, 2021
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₦6,791,500,000 between January 15, 2021 and April 14, 2022
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₦959,000,000 between March 23 and July 26, 2022
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₦530,000,000 between March 15 and March 31, 2022
All transactions were allegedly funneled through accounts under the names of the two companies.
The EFCC stated that the offences violated 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 charges read in court stated:
“That you, Adonu Kingsley Ifeanyi, between June 4 and July 23, 2021, in Lagos within the jurisdiction of this Honourable Court, did take possession of the sum of ₦1,076,337,842 through a Fidelity Bank account in the name ‘S. Mobile Netzone Limited,’ which you knew formed part of the proceeds of unlawful activity, to wit: stealing — thereby committing an offence under Section 15(2)(d) and punishable under Section 15(3) of the Money Laundering Prohibition Act, 2011 (as amended).”
Upon the charges being read, Ifeanyi pleaded not guilty.
The prosecution then urged the court to set a trial date and requested that the defendant be remanded in a correctional facility.
However, defence counsel Chibuike Opara asked that his client be kept in EFCC custody instead, pending the hearing and determination of a formal bail application.
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