EFCC Arraigns Businessman, Firm Over Alleged ₦12.5bn Financial Fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) has arraigned businessman Adonu Kingsley Ifeanyi and his company, S Mobile Netzone Limited, before the Federal High Court in Lagos over an alleged financial fraud involving ₦12.56 billion.
The defendants appeared before Justice J. Bogoro at the Federal High Court, Ikoyi, Lagos, on Monday, November 2, 2026, following their arraignment by the EFCC’s Lagos Zonal Directorate 1.
According to the anti-graft agency, the defendants are facing a five-count charge bordering on alleged obtaining by false pretence, stealing and possession of proceeds suspected to have been generated through unlawful activities.
The charges involve a total sum of ₦12,556,837,842, covering transactions allegedly linked to the defendants between 2020 and 2022.
EFCC Details Alleged Transactions
One of the charges accused Ifeanyi of receiving ₦1,248,237,842 through an account operated in the name of S Mobile Netzone Limited between June 4, 2021, and October 31, 2022.
The commission alleged that the money represented proceeds of an unlawful activity involving obtaining by false pretence.
In another count, the EFCC accused the businessman of receiving ₦6.79 billion through the company’s bank account between January 15, 2020, and April 14, 2022. The prosecution alleged that the transaction was connected to stealing.
The commission maintained that the alleged transactions constituted offences under the Money Laundering (Prohibition) Act, 2011, as amended.
Defendants Plead Not Guilty, Granted Bail
When the charges were read in court, Ifeanyi and his company both pleaded not guilty to the allegations.
Following their pleas, prosecution counsel, Suleiman I. Suleiman, requested a date for the commencement of the trial.
Justice Bogoro subsequently granted the defendants bail on the same terms and conditions previously approved by Justice C. J. Aneke on July 8, 2025.
The case is expected to proceed to trial, where the prosecution will be required to present evidence in support of its allegations against the businessman and his company.
The arraignment adds to the financial crime cases being handled by the Lagos division of the Federal High Court.
However, Ifeanyi and S Mobile Netzone Limited remain presumed innocent until proven guilty by a court of competent jurisdiction.
