Financial Crimes

EFCC Arraigns Businessman, Company Over N12.5bn Fraud in Lagos

Lagos · Monday, November 2, 2026

The Economic and Financial Crimes Commission (EFCC) has arraigned a businessman and his company over an alleged N12,556,837,842.00 fraud. The Lagos Zonal Directorate 1 in Ikoyi brought Adonu Kingsley Ifeanyi and ’S Mobile Netzone Limited before Justice J. Bogoro of the Federal High Court, Ikoyi, Lagos, on Monday, November 2, 2026.

The Commission filed a five-count charge against both defendants. The charge covers obtaining by false pretence and stealing. In addition, it cites the Money Laundering Prohibition Act, 2011 as amended. Prosecutors anchor the allegations on Section 15(2)(d) of the Act, and they cite Section 15(3) as the punishment provision.

First, the court heard the particulars of count one. The charge accuses Ifeanyi of taking possession of N1,248,237,842 between June 4, 2021 and October 31, 2022. According to the charge, the money passed through a bank account in the name of “S. Mobile Netzone Limited.” Moreover, the prosecution alleges that the sum formed part of the proceeds of obtaining by false pretence.

Another count involves a far larger sum. It covers a period from January 15, 2020 to April 14, 2022. Here, the prosecution alleges that Ifeanyi took possession of N6,791,500,000.00 through the same company account. Furthermore, the charge claims he knew the money came from stealing.

After the registrar read the charges, both defendants entered a plea. Ifeanyi and his company pleaded not guilty to every count. Consequently, the law presumes them innocent until the court rules otherwise. The allegations remain unproven at this stage, and the defence will have a full chance to answer them at trial.

Following the pleas, prosecution counsel Suleiman I. Suleiman addressed the court. He urged Justice Bogoro to fix a date for trial. Therefore, the judge turned to the next procedural step. The court granted the prosecution’s application and moved the case toward a full hearing.

Next, the court considered the question of bail. Justice Bogoro granted the defendants bail on the same terms and conditions that Justice C.J. Aneke set on July 8, 2025. As a result, the defendants keep the conditions they already hold. Thus, the court avoided imposing a fresh set of requirements.

Finally, the judge adjourned the matter until February 11, 2027, for the commencement of trial. At that hearing, the prosecution will open its case. Meanwhile, the defence will prepare to challenge the evidence. Then the court will begin to test the claims behind the N12.5 billion allegation.

The case is the latest in a series of money laundering prosecutions that the EFCC has pursued in Lagos. The Commission continues to rely on the Money Laundering Prohibition Act to trace funds that pass through corporate bank accounts. Because the charges here centre on a company account, the trial will likely examine the movement of money between 2020 and 2022 in detail.

Sojworldnews will continue to follow the proceedings and report each development as the trial unfolds.