EFCC Arraigns Businessman, Firm Over Alleged ₦12.56bn Fraud in Lagos

The Economic and Financial Crimes Commission has arraigned businessman Ifeanyi Kingsley Adonu and his company, S Mobile Netzone Limited, before the Federal High Court in Lagos over an alleged ₦12.56 billion fraud. The defendants face five counts involving alleged obtaining by false pretence, stealing and possession of proceeds of unlawful activities. The EFCC alleged that billions of naira passed through the company’s bank account between 2020 and 2022 and were linked to unlawful activities. Both defendants pleaded not guilty when the charges were read before Justice J. Bogoro. The court granted Adonu bail on earlier terms and adjourned the case until February 11, 2027, for trial.

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