EFCC Arraigns Ponzi Scheme Operator Over Alleged N10bn Fraud
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned an alleged Ponzi scheme operator, Adonu Kingsley Ifeanyi, on charges of laundering over ₦10 billion.
The arraignment took place on Thursday, June 19, 2025, before Justice Chukwujekwu Aneke at the Federal High Court in Ikoyi, Lagos.
Adonu was brought before the court on a five-count charge of money laundering, stemming from allegations that he used fraudulent investment schemes to siphon funds from unsuspecting members of the public.
One of the charges specifically accuses Adonu of taking possession of ₦1,076,337,842 through a Fidelity Bank account operated under the name S.Mobile Netzone Limited.
According to the EFCC, the funds were traced to unlawful activities, namely stealing, which violates Section 15 (2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended), and is punishable under Section 15 (3) of the same Act.
Upon reading the charges in court, Adonu pleaded “not guilty.”
Prosecuting counsel, S.I. Suleiman, subsequently requested the court to set a trial date and asked that the defendant be remanded in the custody of the Nigerian Correctional Service (NCoS) pending trial.
However, defense counsel Chibuike Opara pleaded for the court to keep Adonu in EFCC custody, citing the upcoming filing of a bail application.
Suleiman opposed the request, arguing that once a defendant has been formally arraigned, the appropriate detention facility is the Correctional Centre.
After hearing both sides, Justice Aneke ordered that the defendant be remanded at the Ikoyi Custodial Centre of the NCoS.
The judge further scheduled July 4, 2025, for the hearing of Adonu’s bail application.
The EFCC alleges that Adonu operated a sophisticated Ponzi scheme masked as a legitimate investment platform, deceiving victims with promises of high returns.
Investigations reportedly revealed multiple suspicious transactions across several bank accounts linked to his company.
The case underscores the EFCC’s continued crackdown on high-value financial crimes, particularly fraudulent schemes that target vulnerable investors.
If found guilty, Adonu could face severe penalties under Nigeria’s anti-money laundering laws.
EFCC Arraigns Ponzi Scheme Operator Over Alleged N10bn Fraud