The Economic and Financial Crimes Commission (EFCC) has arraigned one Adonu Kingsley Ifeanyi before the Federal High Court in Lagos for allegedly masterminding a Ponzi scheme involving over ₦10 billion.
Ifeanyi, identified as the brain behind S. Mobile Netzone Limited, was brought before Justice Chukwujekwu Aneke on a five-count charge of money laundering totalling ₦10,013,237,842.
According to the EFCC, Ifeanyi falsely claimed to be operating a business in partnership with telecom giant MTN Nigeria, though the claim has not been verified by the company.
During the arraignment, EFCC’s counsel, Suleiman Suleiman, told the court that the alleged offences were committed between June 4, 2021, and July 22, 2022, and involved the illegal acquisition and laundering of vast sums of money derived from fraudulent activities, adding that the funds were reportedly moved through corporate accounts linked to S. Mobile Netzone Limited and Setbiz Datalink Concept Limited.
The anti-graft agency maintained that the transactions violated Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and are punishable under Section 15(3) of the same law.
The charge sheet revealed specific amounts allegedly laundered which includes: ₦1.07 billion between June and July 2021; ₦656.4 million in the same period; ₦6.79 billion between January 2021 and April 2022; ₦959 million between March and July 2022; ₦530 million in March 2022, through Setbiz Datalink Concept Limited.
When the charges were read in court, Ifeanyi pleaded not guilty. The EFCC then applied for a trial date and requested that the defendant be remanded in the custody of the Nigerian Correctional Service (NCoS).
However, defence counsel, Chibuike Opara urged the court to remand his client in EFCC custody pending the filing and hearing of a formal bail application.
Opposing the request, Suleiman argued that once a defendant has been arraigned, the appropriate place of custody is the Correctional Centre.
Justice Aneke agreed with the prosecution and ordered that the defendant be remanded at the Ikoyi Custodial Centre, adjourning the case to July 4, 2025, for hearing of the bail application.
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